Meteora, a DeFi platform built on Solana, is on the lookout for new leadership as co-founder Ben Chow steps down amidst the controversy surrounding the Libra meme coin.

The news of Chow's resignation was disclosed by Meow, the pseudonymous founder of decentralized exchange Jupiter and co-founder of Meteora, in a statement on X (formerly Twitter).

In response to the situation, Meow clarified that neither Jupiter nor Meteora were involved in any insider trading or financial impropriety related to the Libra meme coin. Additionally, an independent investigation by Fenwick & West, a renowned law firm, has been initiated to provide a transparent report on the matter.

While supporting Ben's integrity, Meow acknowledged his lapse in judgement as a project lead, leading to his resignation. This pivotal moment for Meteora marks the beginning of a search for fresh leadership, with Meow urging fairness towards Ben during the process.

The controversy arose from accusations by Kelsier Ventures CEO Hayden Davis regarding insider trading by Libra’s team, a claim that Chow refuted, stating minimal involvement beyond IT support. Despite these developments, Meow believes Chow was not complicit in any financial misconduct.

As the scandal unfolds, the crypto community is prompted to reflect on ethical standards in token launches, emphasizing the need for transparency and accountability to foster a more secure environment for users. Discussions within the space echo the sentiment that the industry should prioritize genuine utility over speculative trading practices.

Moving forward, with a renewed focus on upholding ethical standards, the crypto community aims to prevent similar incidents and safeguard the interests of users and the ecosystem.