Jupiter Meow founder affirms no insider trading behavior in the Jupiter and Meteora team. The project is cooperating with an independent third party to audit and publish a report on the matter. For his part, the current Meteora leader Ben Chow has decided to resign after the LIBRA scandal.
Jupiter conducts internal investigation, Meteora co-founder resigns after LIBRA scandal
As Coin68 has been reporting, the cryptocurrency community has been greatly shocked by the scandal surrounding the LIBRA memecoin in recent days. The complexity and scope of the case are increasing, leaving users stunned by the sophisticated and systematic profiteering behaviors.
In a shocking interview, Hayden Davis, a representative of Kelsier Ventures and a central figure in the case, admitted to his insider trading behavior. He also revealed that many KOLs and other platforms were involved as "shillers" and supported the smooth operation of the plan.
Due to such shocking revelations, now in the eyes of the community, any project, platform, or entity could have "colluded" with LIBRA. Among them, Jupiter and Meteora, the two leading Solana DEXes, have been the most criticized, as they were the main trading platforms for the memecoin.
Previously, Jupiter and Meteora had affirmed that they were not involved in the manipulation of LIBRA. Subsequently, the founder of Jupiter and co-founder of Meteora, Meow (@weremeow), shared a lengthy post on the matter:
Hi, I'm meow from Jupiter, and I also cofounded Meteora.
— meow (🐱, 🐐) (@weremeow) February 18, 2025
Firstly, I'd like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately.
Secondly, we are hiring an independent 3rd…
No insider trading or manipulation at Jupiter
Meow reiterated that there was no insider trading or financial misconduct at Jupiter or Meteora.
In addition to the internal investigation, the project is also hiring a third party to audit and release an independent report. The entity is Fenwick & West, one of the most reputable law firms in the world.
However, the community recommends that Jupiter should not cooperate with Fenwick & West, as this is the law firm that helped FTX erase traces of cash flow and obscure its relationship with Alameda.
For non-lawyers why not Fenwick.
— wassielawyer （哇西律师） (@wassielawyer) February 18, 2025
👇 https://t.co/FcEP7XxYhC pic.twitter.com/GGwZK2wsDM
Meow also said he supports Ben Chow, the current Meteora leader, and trusts in Ben's integrity and ethics.
Meteora leader Ben Chow resigns
Meteora has been operating as a separate entity from Jupiter for over a year, and Ben has been running the project smoothly without much support from Meow.
Although Meow has 100% confidence in Ben's character, as the project leader, Ben has shown a lack of decisiveness in the past few months. Ben himself also understands this and has decided to resign. Therefore, Meow is looking for a replacement for Ben Chow's position.
Jupiter is "100% clean"
The founder of Jupiter continues to provide evidence to affirm that his platform is the gold standard when it comes to transparency.
- Jupiter is the only large protocol that has audited all its tokens through 3 rounds. The platform has never sold tokens OTC. The integrity of the tokens has been Jupiter's top priority since the early days.
- Jupiter is one of the least "blood-sucking" projects in the ecosystem. The platform allows users to swap tens of billions of dollars without any fees. Jupiter's partners earn hundreds of millions of dollars while only paying a small amount back to Jupiter.
- Most of the fees the platform collects are kept on Solana and reinvested into jupSOL/JLP, retained within the ecosystem. This is a "slap in the face" to the recent controversies around Ethereum L2, such as Base being accused of selling ETH collected from transaction fees.
Finally, Meow acknowledges that this is an important time for the cryptocurrency industry. And Jupiter is committed to ensuring the integrity of the tokens it lists, being absolutely transparent, and focusing on building superior products that better serve users.
Dissenting voices
However, many users still do not fully trust these statements. Curb (@CryptoCurb) immediately pointed out that a Jupiter employee, "doodoo" (@uwuvwev), had sniped 3 memecoins in Kelsier Ventures' chain right after Argentine President Javier Milei's tweet.
Hi @weremeow, since we are all about transparency, I have information leaked to me that implicates a @JupiterExchange employee - specifically @uwuvwev ("doodoo").
— Curb◎ (@CryptoCurb) February 18, 2025
Could you please let us know how this JUP employee sniped 3 tokens launched by Kelsier that are not known by the… https://t.co/zOuFagcwf8 pic.twitter.com/w0GnlLCErJ
Curb clearly pointed out that this is insider trading behavior because the person had prior knowledge, so how can Meow claim that Jupiter is "100% clean"?
Meanwhile, the JUP price has dropped more than 12% in the last 24 hours, partly due to the impact of this scandal and partly due to the general trend of the Solana ecosystem, as 12 million SOL are about to be unlocked to the market.
JUP price fluctuation in the 7-day frame, screenshot from CoinGecko at 12:45 PM on 18/02/2025
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