Meteora’s Role in the LIBRA Scandal: Solana’s Downfall?

It all began on February 14th when Argentina’s president, Javier Milei, tweeted about an official token.

This triggered a buying frenzy that sent the LIBRA token’s market cap soaring to $4 billion. However, this euphoria was short-lived, as the token’s value plummeted. This led to a staggering $200 million being drained from the crypto space.

Hayden Davis and Meteora: Key Players in the $LIBRA Scam

At the center of this chaos is Hayden Davis, CEO of Kelsier, who played a pivotal role in launching the $LIBRA token and advising President Milei. The plot thickens with evidence linking Meteora, a tech support company, directly to the scam. After Kelsier was exposed for market manipulation involving $LIBRA, $MELANIA, and M3M3, the founder of DefiTuna returned $30,000 to Kelsier and severed ties, clearly trying to distance himself from the fallout.

Reports indicate that Meteora’s team, including co-founder Ben, was complicit in helping influencers profit while the community suffered. Davis’s involvement didn’t stop there; he also participated in the M3M3 launches, pulling millions from the ecosystem.

For $MELANIA, the Meteora team reportedly reaped 1% (around $100 million at its peak) for providing liquidity pool support. When Davis attempted to cash out through Orca NFT, someone traced his actions back, raising red flags across the board.

Meteora’s Defense Crumbles Amid Exposé of $LIBRA Manipulation

As the scandal unraveled, Ben asserted that Meteora played a strictly technical role and that the company did not engage in trading or leak information about $LIBRA. However, the situation escalated when Solana Floor released a video exposing Kelsier’s detrimental impact on the ecosystem and showing how Meteora was dragged down in the process. Ben revealed that he had prior knowledge of the manipulation but felt pressured by Kelsier not to intervene.

In the wake of the scandal, Meow, co-founder of JUP and Meteora, defended Ben but acknowledged that he erred in referring projects to Kelsier. Following the chaos, Chow resigned, leaving Meteora to scramble for new leadership while the ecosystem siphoned off millions.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.