Memecoin Scandal: the co-founder of Meteora accuses DefiTuna, but his X account is hacked

The memecoin market returns to the center of controversy, this time involving Meteora, a major DeFi protocol on Solana. The co-founder of Meteora, Ben Chow, published a post on X (formerly Twitter) in which he accused the founders of DefiTuna of orchestrating an operation to maximize profits at the expense of the community. However, a few hours later, Chow’s account was reportedly compromised and the post removed, raising doubts about the truthfulness of his claims.

Meteora: serious accusations against DefiTuna and insider trading on Memecoin

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In his post, Ben Chow stated that he left Meteora due to the “parasitic” nature of the memecoin market. He accused the co-founders of DefiTuna, Vlad Pozniakov and Dhirk, of manipulating the launch of tokens like Melania Meme (MELANIA), Mates (MATES) and a project on Raydium to extract the maximum possible profit.

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Chow also published alleged screenshots of private conversations on WhatsApp between Pozniakov and members of Kelsier Ventures, in which strategies were explicitly discussed to achieve the maximum return from these operations. One message in particular read:

“Yes, guys, we are trying to get the most out of this token.”

According to Chow, these activities would constitute an insider trading scheme, where developers and insiders accumulate tokens at low prices to then resell them at peak value, leaving retail investors with huge losses.

Meteora declares that Chow’s account has been compromised

After the publication of the post, the official Meteora account on X stated that Chow’s account had been compromised and that the message should not be considered reliable. The same Meteora X account was also briefly breached, according to statements from the platform’s new CEO, Zen.

“It is correct to say that someone momentarily had access to our Meteora X account. In the meantime, we have restored the account and are verifying.”,

declares Zen, CEO of Meteora.

In response to requests for clarification from Cointelegraph, Chow did not make any official statements, further fueling suspicions about the matter.

Legitimacy of the accusations and implications for the crypto market

At the moment, it has not been possible to verify the authenticity of the screenshots shared by Chow before the removal of the post. However, the episode brings to light the issue of transparency in the memecoin market and the high risk of speculative operations orchestrated by insiders.

This scandal is part of a broader context of controversies related to memecoins, as demonstrated by the recent case in Argentina. The Argentine president Javier Milei came under fire after promoting the token LIBRA, leading it to a capitalization of 4 billion dollars before a rapid collapse, which wiped out the capital of many investors. Milei denied any responsibility, stating that his support was part of a free market strategy.

Conclusions: Meteora in crisis, the Memecoin market remains a beacon for frauds

The episode raises questions about the reliability of the main operators in the memecoin sector and DeFi platforms. If Chow’s accusations were founded, they would demonstrate that well-structured mechanisms exist to manipulate the market. However, if Chow’s account had indeed been compromised, the doubt would remain about who orchestrated this operation and for what reason.

In the meantime, investors have been advised not to click on suspicious links from the accounts involved, to avoid possible scams and financial losses.

We are waiting for further developments.