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

A class action lawsuit accuses Ben Chow, co-founder of Meteora, of masterminding schemes behind at least 15 memecoins, prominently featuring the MELANIA and LIBRA tokens. Plaintiffs claim that figures like Melania Trump and Argentine President Javier Milei were used as “window dressing” to lend credibility to these projects, which were allegedly designed as “coordinated liquidity traps.” The MELANIA token, promoted as the official cryptocurrency of the U.S. First Lady, and LIBRA, marketed as funding for Argentine businesses, both experienced rapid surges and subsequent crashes. Milei initially promoted LIBRA but later removed the post amid controversy and now faces fraud charges, though an investigation cleared him of ethics violations.

The lawsuit identifies Chow as central to the alleged enterprise, working with a team including Ng Ming Yeow and Kelsier Ventures, led by the Davis family, to launch and market the tokens. The complaint focuses on five tokens – LIBRA, MELANIA, ENRON, TRUST, and M3M3 – alleging a consistent pattern of manipulation. Chow previously denied receiving tokens or insider information related to the LIBRA project and resigned from Meteora following the controversy.

The lawsuit lists Benjamin Chow, Meteora, Kelsier Ventures, Hayden Davis, Gideon Davis, and Charles Davis as defendants, seeking to hold them accountable for the alleged fraudulent activities.

(Source：theblock.co)