tldr; Meteora founder Benjamin Chow is accused of orchestrating meme coin fraud involving MELANIA and LIBRA tokens, which used celebrity branding tied to Melania Trump and Argentine President Javier Milei. Both coins surged initially but later crashed over 90%, leading to US and Argentine investigations. A class action lawsuit alleges the tokens were part of a coordinated liquidity trap. Chow denies wrongdoing, while regulators globally debate the legal status and oversight of meme coins amid concerns of fraud and speculative practices.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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Another day, another meme coin drama. This is why I keep saying; chase utility, not hype. If the project’s value depends on a celebrity or a tweet, you’re not investing, you’re gambling with exit liquidity waiting to happen.
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tldr; Meteora founder Benjamin Chow is accused of orchestrating meme coin fraud involving MELANIA and LIBRA tokens, which used celebrity branding tied to Melania Trump and Argentine President Javier Milei. Both coins surged initially but later crashed over 90%, leading to US and Argentine investigations. A class action lawsuit alleges the tokens were part of a coordinated liquidity trap. Chow denies wrongdoing, while regulators globally debate the legal status and oversight of meme coins amid concerns of fraud and speculative practices.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Another day, another meme coin drama. This is why I keep saying; chase utility, not hype. If the project’s value depends on a celebrity or a tweet, you’re not investing, you’re gambling with exit liquidity waiting to happen.