A major lawsuit has been filed against Benjamin Chow , the co-founder of Meteora , accusing him of running a massive fraud operation that allegedly stole over fifty-seven million dollars from everyday crypto investors. The scheme apparently used famous names like Melania Trump and Argentine President Javier Milei to trick people into buying worthless tokens.
The court documents claim Chow and his team created multiple memecoins, including ones called LIBRA and MELANIA , making them look legitimate by using celebrity endorsements. They supposedly controlled the token supply from behind the scenes and artificially pumped up prices before selling everything off and leaving regular investors with nothing.
One particularly sketchy example involved President Milei posting about the LIBRA token right when it launched, which made tons of people rush to buy it. Shortly after, someone pulled out over one hundred million dollars, and the price crashed completely. Later Milei deleted his post, which raised even more suspicion.
Chow actually resigned from Meteora back in February after the controversy blew up. There’s even leaked video of him saying he felt sick about enabling the wrong person. Now he’s facing serious charges, including racketeering and fraud. The lawsuit wants all the stolen money returned and is asking for a special monitor to oversee Meteora’s operations going forward.
Conclusion
The lawsuit against Benjamin Chow marks a major blow to Meteora’s reputation, exposing how celebrity-backed crypto scams can devastate investors. Authorities now aim to recover the funds and tighten oversight across the broader crypto market.
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