The official X account of Meteora co-founder Ben Chow was reportedly hacked on March 11, leading to a controversial post accusing memecoin founders of financial misconduct.
The post, which has since been deleted, claimed that the founders of DefiTuna, Vlad Pozniakov and Dhirk, orchestrated multiple memecoin launches to extract maximum funds from investors.
The alleged schemes included tokens such as Libra (LIBRA), Melania Meme (MELANIA), Mates (MATES), and an unnamed Raydium launch. The controversy surrounding these allegations had already contributed to Chow’s resignation from Meteora.
Meteora’s official X account swiftly flagged the post as fraudulent, stating that Chow’s account had been compromised. The company urged users not to click on any links shared in the post to avoid potential financial harm. Chow has not publicly commented on the incident, and the tweet was removed after Meteora reportedly regained control of the account.
Alleged Conversations and Memecoin Speculation
The hacked post also contained screenshots of WhatsApp conversations purportedly involving Kelsier Ventures CEO Hayden Davis, Kelsier Ventures COO Gideon Davis, and Pozniakov. One message in the screenshots suggested that the group intended to maximize profits from the MATES token launch, stating: “Yeah fellas tbh we are trying to max extract on this one.” The authenticity of these screenshots has not been independently verified.
The broader implications of these allegations have raised questions about the ethics of memecoin launches and the extent to which investors may be misled. Memecoins, often promoted through social media and celebrity endorsements, have drawn increasing scrutiny over their volatility and susceptibility to rapid pump-and-dump cycles. The alleged involvement of key figures in the cryptocurrency space in profit-driven token launches adds to concerns about transparency in the industry.
Meteora’s X Account Also Compromised
Zen, a co-founder of Meteora who has since taken over as CEO, confirmed that the company’s official X account was also momentarily compromised. He stated that the team had reset access and was working to verify account security.
“It’s true that someone gained access momentarily to our Meteora X account. We’ve since reset the account and now verifying,” Zen said.
Following the security breach, Meteora advised investors to exercise caution and avoid engaging with any links shared from either Chow’s or the company’s X account. The incident underscores ongoing cybersecurity risks in the digital asset space, particularly for high-profile figures associated with cryptocurrency projects.
Political Fallout from Memecoin Speculation
Beyond the immediate controversy surrounding Meteora, the memecoin industry has drawn political attention. President Javier Milei is facing impeachment calls in Argentina after endorsing the LIBRA token, which experienced a dramatic surge in value before rapidly declining. Milei’s promotion of the Solana-based token briefly propelled its market capitalization to $4 billion before a sell-off wiped out millions in investor funds.
Milei has denied accusations of financial misconduct, stating that his promotion of LIBRA was consistent with his free-market philosophy. He emphasized that his endorsement of KIP Protocol, the entity behind LIBRA, was part of a broader initiative supporting economic decentralization. However, the financial losses incurred by investors have intensified scrutiny of political figures’ involvement in cryptocurrency markets.
