Meteora Founder Accused as Mastermind Behind Meme Coin Fraud
- A class action lawsuit claims Benjamin Chow, founder of Meteora, orchestrated fraud involving meme coins linked to First Lady Melania Trump and Argentine President Javier Milei.
- The lawsuit alleges that the public figures were used as “props” and not responsible for the scam tokens’ collapse.
- Tokens MELANIA and LIBRA surged initially but then plummeted by up to 99% and 90%, respectively, following their launches.
- Chow allegedly worked with Hayden Davis and Kelsier Ventures to execute at least fifteen token launches under his direction.
- In August, a judge ordered $57.6 million in USDC related to the Libra coin be unfrozen due to skepticism about the plaintiffs’ case success.
The legal filing suggests that while Melania Trump and Javier Milei’s endorsements gave credibility to the meme coins, they were not involved in the fraudulent activities led by Chow and his associates at Meteora and Kelsier Ventures.
Despite initial surges in value, both MELANIA and LIBRA coins experienced significant crashes, leading investors to pursue legal action against those allegedly orchestrating these schemes. Source
