Mastodon Feed: Post

Mastodon Feed

Boosted by slightlyoff@toot.cafe ("Alex Russell"):
molly0xfff@hachyderm.io ("Molly White") wrote:

The rot exposed here seems to go far deeper than a random blockchain VC firm. Those behind massive Solana projects including Meteora and Jupiter have been accused of involvement in a massive insider trading scheme. Meteora’s cofounder has already resigned.

#crypto #cryptocurrency #Argentina

But the rot uncovered here seems to go far deeper than just some random blockchain venture capital firm. A recording of a 26-minute-long call between Moty Povolotski, the co-founder of a project called DefiTuna, and Ben Chow, a co-founder of the Meteora decentralized exchange, was posted on Twitter.6 Meteora and Jupiter are two popular Solana decentralized exchanges, which have enjoyed massive spikes in trading volume amid the memecoin frenzy. Ben Chow has just resigned amid allegations that he was directly involved in a massive insider trading scheme implicating other members of Solana defi projects including Jupiter, and involving presidentially-linked tokens Libra and $MELANIA. It turns out that the owner of Jupiter, known only as “meow”, also co-founded Meteora, which we learned when he came forward to announce that he would be kicking off an independent investigation of activities at Meteora under Chow’s leadership, although he also “reiterate[d his] confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing”. The call is so bonkers that I just transcribed the whole dang thing for you. “The whole thing just looks rotten to the very core. Like, I don't have words to express...” said Povolotski, describing witnessing rampant manipulation and token sniping by the people launching presidentially-linked tokens, the influencers being paid to promote them, and those working at major Solana projects including Jupiter and Meteora. Both Pov