Meteora Founder Under Fire: Chow Targets Spotlight in Meme Coin Class Action
The founder of Meteora, Benjamin Chow, is accused in a recently filed class action lawsuit in the United States of masterminding the notorious Melania and Libra meme coin schemes. The lawsuit asserts that Chow was instrumental in organizing these well-known cryptocurrency initiatives. Argentine President Javier Milei and First Lady Melania Trump were employed as promotional props in the alleged meme coin scam, according to the complaint.
Melania and Libra are Allegedly Luring Investors by Using the Names of Celebrities
In Hurlock v. Kelsier Ventures, investors allege in the updated filing that Meteora and Kelsier Ventures used prominent persons’ legitimacy to validate the MELANIA and LIBRA coins. These tokens are also described as being a part of a coordinated liquidity trap. Following the introduction, both coins had a spike before plunging by more than 90%.
“Defendants borrowed credibility from real-world figures or themes—such as the ‘official Melania Trump’ coin ($MELANIA) and the ‘Argentine revival’ coin ($LIBRA) tied to President Javier Milei. These faces and brands served as props to legitimize what was actually a coordinated liquidity trap. Plaintiffs do not claim those public figures were culpable; they were merely the window dressing for a crime engineered by Meteora and Kelsier,”
the filing
After wallet data connected two of Milei’s aides to pre-launch transfers, the LIBRA affair in Argentina has grown into a criminal investigation on their behalf. Over 1,300 citizens were said to have lost money. Milei’s assertion on TV that “more than five” investors were unaffected conflicts with this.
Chow Denies Insider Knowledge in High-Profile Meme Coin Lawsuit
Prior to his resignation in February, Chow denied any wrongdoing on X. He said that neither Meteora nor he was given tokens or insider knowledge. According to Chow, the “Dynamic Liquidity Market Maker” is not a trading firm but rather a permissionless technology that facilitates independent launches. As authorities argue over how to categorize meme coins, the case is filed. The SEC declared in February that meme coins are “similar to collectibles,” which put a stop to securities law enforcement but left fraud charges to organizations like the CFTC.
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