Class action lawsuit claims Ben Chow orchestrated Melania, LIBRA memecoin fraud

Plaintiffs have filed an amended class action complaint against Meteora co-founder Ben Chow, alleging he orchestrated fraud behind the controversial MELANIA and LIBRA memecoins. The suit claims defendants "borrowed credibility" from figures like Melania Trump and Argentine President Javier Milei, using them as "props to legitimize what was actually a coordinated liquidity trap." The MELANIA coin, promoted as the first lady's official crypto, and LIBRA, marketed for Argentine small businesses, both crashed shortly after launch, leading to allegations of developer token dumping. The complaint names Benjamin Chow, Meteora, Kelsier Ventures, and members of the Davis family as defendants, asserting Chow was central to launching and marketing at least 15 tokens using a similar pattern. Chow previously resigned from Meteora and denied involvement or possessing insider information regarding the Libra project.

(Source：The Block)