Jupiter Under Fire: Meow Denies Insider Trading as Meteora CEO Resigns Amid Scrutiny!
Allegations, resignations, and a billion-dollar controversy—Meow breaks silence on Jupiter and Meteora’s turmoil. Is this a turning point for DeFi transparency, or just another crypto power struggle?
In a recent announcement, Meow, co-founder of Jupiter and Meteora, addressed the community regarding allegations of insider trading and financial misconduct within the projects.
He firmly stated that neither he nor any team members engaged in such activities and emphasized the hiring of the reputable law firm Fenwick & West to conduct an independent investigation. This move aims to ensure transparency and restore trust within the community.
Leadership Changes Amidst Controversy
Meow expressed unwavering support for Ben, who has led Meteora independently for over a year. Despite acknowledging Ben’s significant contributions, Meow highlighted concerns over recent lapses in judgment concerning core project aspects.
Recognizing the project’s growth and reputation, Ben has resigned, prompting the search for new leadership to guide Meteora forward.
Jupiter Community Reactions
The announcement elicited varied responses from the community. Prominent figures like @TheOnlyNom appreciated the proactive changes and emphasized the importance of transparency across all teams in the space. Similarly, @thirt13n_jc reflected on past discussions about token standards and urged for elevated practices, expressing support for the journey ahead.
Conversely, @Lord_Ashdrake criticized the project’s financial practices, alleging significant personal gains from token sales and questioning the integrity of certain project decisions. In response, Meow defended the strategies, clarifying that token sales were transparent and primarily benefited the DAO.
Reflecting on the situation, Meow apologized for any distress caused and emphasized Jupiter’s commitment to token transparency. He highlighted that Jupiter has consistently accounted for every token through multiple audits, refrained from OTC token sales, and meticulously documented all major token uses. Furthermore, Meow acknowledged the need for higher standards across the industry, stating that the path to growth lies in projects upholding token certainty, long-term alignment, and extreme transparency.
The latest respond from the Jupiter team follows massive backlash from the LIBRA saga. Investors faulted the platform for listing it and accused the platform of aiding the insider trades.
