Meteora co-founder Ben Chow’s X account was compromised on March 11 after posting accusations against memecoin projects. The hacked post accused DeFiTuna founders Vlad Pozniakov and Dhirk of exploiting tokens like MELANIA, LIBRA, and TRUMP. Chow claimed the duo prioritised profit over ethics, alleging they extracted over $30 million from investors. Meteora later confirmed the breach, urging users to avoid suspicious links.
Chow’s post, now deleted, cited distrust in the “parasitic” memecoin ecosystem as his reason for resigning. Meanwhile, screenshots of WhatsApp chats surfaced, revealing discussions about “max extracting” funds.
Controversial Memecoin Post Sparks Chaos
The hacked tweet reignited scrutiny around Solana-based tokens linked to high-profile figures. It specifically criticised Pozniakov and Dhirk for allegedly manipulating launches like MELANIA and MATES. Chow accused them of using Meteora’s platform for personal gain, calling their actions “disgusting.” The post also referenced a “honeypot recording” involving the founders.
However, Meteora swiftly dismissed the claims, labelling the tweet fraudulent. The team recovered Chow’s account hours later but faced mounting questions about security protocols.
Meteora Flags Fraudulent Post, Urges User Caution
Following the breach, Meteora’s official X account warned followers to ignore the compromised message. “We’ve regained control and are investigating,” the team stated. Co-founder Zen, now CEO, confirmed both Chow’s and Meteora’s accounts were briefly hacked.
WhatsApp Chats
The deleted post included purported WhatsApp logs between Kelsier Ventures executives and Pozniakov. One message read, “We are trying to max extract on this one,” referencing the MATES token. However, the chat’s authenticity remains unverified.
Notably, Kelsier Ventures has not publicly addressed the allegations. Speculation about insider trading and token manipulation continues swirling across crypto forums.
Meteora’s Social Media Security Under Scrutiny
The dual breaches exposed vulnerabilities in Meteora’s cybersecurity framework. Zen emphasised resetting account credentials post-attack but provided limited details. “We’re verifying everything,” he stated, signalling ongoing internal audits.
Additionally, the incident highlights risks tied to memecoin projects, which often lack transparency. Critics argue rapid token launches enable bad actors to exploit retail investors effortlessly.
Turmoil Entangles Argentine Politics
The fallout extended beyond Meteora, ensnaring Argentine President Javier Milei. Milei endorsed LIBRA, a Solana memecoin, causing its price to skyrocket from $0 to $5. The token briefly hit a $4 billion market cap before crashing, erasing millions in value.
Opposition lawmakers now seek Milei’s impeachment, accusing him of promoting a “rug pull.” Milei defended his stance, framing LIBRA’s promotion as part of his pro-business agenda.
Memecoin Red Flags
This story underscores growing concerns about memecoin volatility and regulatory gaps. While projects like LIBRA attract speculative hype, their ties to public figures amplify risks.
For Meteora, rebuilding trust remains critical. As Zen navigates the fallout, the crypto community watches for updates and whether Chow’s explosive allegations hold weight.
