Libra Coin Scandal News: Karina Milei or Ben Chow, Who to Blame?

Libra Coin Scandal News: How Javier, Karina Milei, & Ben Chow Linked

The Libra Coin scandal has hit the Solana ecosystem hard, leading to the resignation of Meteora Co-Founder Ben Chow. The launch of the LIBRA memecoin caused chaos, raising serious concerns about insider trading, political ties, and big investor losses.

Ben Chow Resigns After Libra Coin Scandal

On February 18, Jupiter’s founder, Meow, announced that Ben Chow had stepped down from his role at Meteora. Meow cited a "lack of judgment and care" in Meteora’s decisions. Accusations soon followed, suggesting that some Meteora team members made profits through insider trading under Chow’s leadership.

Crypto influencer Moty claimed that insiders financially benefited during the $LIBRA token launch. However, both Ben Chow and Meow denied any wrongdoing, insisting that neither Chow nor the Meteora team acted unethically.

This scandal has hurt Meteora’s reputation, leading to more scrutiny of Ben Chow and his involvement in the LIBRA memecoin controversy.

Political Drama: Karina Milei’s Alleged Role

The situation worsened when reports linked Karina Milei, sister of Argentina’s President Javier Milei, to the scandal. Argentine media revealed claims by Hayden Davis, CEO of Kelsier Ventures, who said he paid Karina to convince the president to promote Libra Coin in Argentina.

Davis allegedly messaged a crypto executive saying, "I send $$ to his sister, and he does whatever I say." Both Davis and Karina Milei denied these claims, and no solid proof has surfaced. President Javier Milei also denied endorsing the coin, stating he only "spread the word."

This political twist led to lawsuits and even calls for the president’s impeachment.

Who’s Responsible?

The scandal has left over 13,000 investors with losses totaling $251 million. Data from Nansen shows:

• 86% of wallets that sold LIBRA with profits or losses over $1,000 ended up losing money.

• About 2,101 wallets made $180 million, hinting at insider advantages.

Despite the serious accusations, no clear evidence directly links Ben Chow or Karina Milei to any wrongdoing. Investigations are still ongoing.

Jupiter’s Investigation into LIBRA: A Turning Point

In response to the fallout, Jupiter initiated an independent investigation into the $libra token. Initially hiring Fenwick & West, the firm faced backlash for past ties to FTX and Alameda Research, prompting Jupiter to reconsider and seek alternative legal options.

The investigation aims to uncover whether misconduct occurred during the Libra Coin launch, as the crypto community demands transparency.

Impact on Libra Coin Price and Solana Price

The Libra Coin Scandal caused a sharp decline in LIBRA and Solana’s market performance. LIBRA plunged 74% from $1.0298 to $0.2180, with a 21.83% intraday drop, a $55.85M market cap, and an $8.29M trading volume. Solana price also fell 11.63% from $195.56 to $172.90 but rebounded 5.36% intraday, reaching an $84.43B market cap and $3.64B trading volume.

The scandal exposed major crypto issues, including insider trading and political ties. With Meteora’s co-founder resigning and ongoing investigations, the full impact remains uncertain. While LIBRA and Solana show signs of recovery, the crypto community stays alert, demanding accountability and transparency as the situation continues to unfold.