A controversial rug-pull involving the LIBRA token, the President of Argentina, and a company called KIP Network has spilled over to affect other decentralized crypto projects that participated in the promotion of this asset.
The co-founder and head of Meteora VD, a Solana-based liquidity aggregator and launchpad for meme coins, has reportedly resigned amid allegations of insider trading associated with the sale of LIBRA.
Hi, I’m meow from Jupiter, and I also cofounded Meteora.
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…
— meow (🐱, 🐐) (@weremeow) February 18, 2025
According to his partner, an anonymous character on X called “meow”, Ben has stepped down from his role as the LIBRA collapse tainted Meteora’s reputation.
In a lengthy X post, meow explained that although no one allegedly “committed any insider trading or financial wrongdoing” Ben showed “a lack of judgment and care about core aspects of the project.
He referred to the size and reputation of the asset and the public figures involved – e.g. Argetina’s President, Javier Milei – as one of the pressing factors that should have prompted Ben to take a closer look at the details of the project.
In addition to the CEO’s resignation, Meteora has hired a law firm called Fenwick & West to conduct a third-party review and issue a report that provides details about how the situation unfolded on Meteora’s side.
Market Value of LIBRA Drops Below $100M
At the time of writing, the market cap of LIBRA is down another $30 million compared to yesterday and currently sits at $80 million.
Meanwhile, trading volumes are up 220% in the past 24 hours and currently account for 169.6% of the token’s market cap.
The token’s market value spiked to $4.4 billion at some point after President Milei endorsed it through a now-deleted tweet. Those who bought near or at the peak have lost from 95% to 99% of their investment already and hopes of recovering some of that money are null.
The promoter of the LIBRA token, Hayden Davis from Kelsier Ventures, recently said in a YouTube interview with the popular blockchain investigator Coffeezilla that the project was not a rug pull and that it was just a plan that went “horribly wrong.”
Kelsier Ventures was also reportedly involved in the launch of the Melania Meme Coin (MELANIA) token in January according to Davis. This project has also seen its market cap drop sharply from a peak of $2.1 billion to $625 million.
Meme coins endorsed by top political figures, including President Donald Trump, have all collapsed right after the “endorsement tailwind” fades.
Projects like Solaxy ($SOLX), which combines a robust use case with a popular meme, have higher odds of delivering positive returns over time.
Solaxy ($SOLX) Raises $22M to Solve Solana’s Congestion Issues
Solaxy ($SOLX) is a layer-two scaling solution designed to make the Solana network more efficient.
The launch of $TRUMP and $MELANIA back in January stressed-test the network and the results were not satisfactory as users experienced delays and errors during peak usage periods.
Solaxy introduces a novel mechanism that involves bundling transactions offline to alleviate the mainnet’s burden.
The developing team has provided positive updates about the project’s progress. Thus far, the presale event of the $SOLX token has raised over $22 million to give the team the resources they need to deploy the solution.
Early buyers will benefit from the significant upside potential that could come right after the token is listed on exchanges. At its discounted price of $0.001638, $SOLX is a low-hanging fruit that is still flying below most investors’ radars.
Moreover, investors who stake their $SOLX tokens to secure the L2 protocol will receive attractive rewards of 184% per year.
To buy $SOLX, visit the Solaxy website and connect your wallet. You can swap ETH, USDT, or BNB for the token or use a bank card to complete the transaction.
