Meteora founder Ben Chow accused in memecoin pump-and-dump suit
A U.S. class-action complaint alleges Meteora founder Ben Chow organized pump-and-dump launches of MELANIA and LIBRA memecoins.
Plaintiffs filed an amended complaint Tuesday in Hurlock v. Kelsier Ventures alleging Meteora founder Ben Chow directed a pump-and-dump scheme that used high-profile names to promote memecoins MELANIA and LIBRA.
The filing names Chow, Meteora, Kelsier Ventures and Hayden, Charles and Gideon Davis as defendants. It says Chow assembled a team that launched and marketed at least 15 tokens following a similar pattern and focuses detailed allegations on five tokens: LIBRA, MELANIA, ENRON, TRUST and M3M3.
The complaint asserts the defendants used recognizable faces and brands to legitimize token launches, calling those faces "mere window dressing" for what it describes as a coordinated liquidity trap.
It says MELANIA surged after its January launch and then fell nearly 99% as token holders connected to the launch allegedly sold large amounts; blockchain analytics cited in the complaint found about $30 million of MELANIA sold. LIBRA is alleged to have spiked and plunged roughly 90% within hours after promotion tied to Argentine President Javier Milei.
Plaintiffs allege wallets used to launch MELANIA and LIBRA were linked and that Kelsier ran marketing campaigns to support the tokens. The complaint portrays Chow as the central orchestrator and names Meteora co-founder Ng Ming Yeow and the Davis family as collaborators. It says Hayden Davis acknowledged post-launch actions to extract value and tactics to prevent other traders from selling early.
Chow posted on X that neither he nor Meteora received any tokens or had insider information related to the LIBRA project. He resigned from Meteora in February after the controversy surfaced.
The complaint asserts the defendants used recognizable faces and brands to legitimize token launches, calling those faces "mere window dressing" for what it describes as a coordinated liquidity trap.
It says MELANIA surged after its January launch and then fell nearly 99% as token holders connected to the launch allegedly sold large amounts; blockchain analytics cited in the complaint found about $30 million of MELANIA sold. LIBRA is alleged to have spiked and plunged roughly 90% within hours after promotion tied to Argentine President Javier Milei.
Plaintiffs allege wallets used to launch MELANIA and LIBRA were linked and that Kelsier ran marketing campaigns to support the tokens. The complaint portrays Chow as the central orchestrator and names Meteora co-founder Ng Ming Yeow and the Davis family as collaborators. It says Hayden Davis acknowledged post-launch actions to extract value and tactics to prevent other traders from selling early.
Chow posted on X that neither he nor Meteora received any tokens or had insider information related to the LIBRA project. He resigned from Meteora in February after the controversy surfaced.
The amended complaint seeks damages for investors who say they suffered losses and asks courts to hold the named defendants accountable for the alleged coordinated scheme.
As GNcrypto wrote previously, LIBRA collapsed in February with estimated investor losses near $250 million; Argentina later eased retail capital controls, introduced a crypto tax amnesty with reduced rates and issued a framework for virtual-asset providers. Argentina’s anti-corruption office cleared President Milei of public ethics violations linked to the token promotion, but legal claims continue in Argentina, the U.S. and Spain.
As GNcrypto wrote previously, LIBRA collapsed in February with estimated investor losses near $250 million; Argentina later eased retail capital controls, introduced a crypto tax amnesty with reduced rates and issued a framework for virtual-asset providers. Argentina’s anti-corruption office cleared President Milei of public ethics violations linked to the token promotion, but legal claims continue in Argentina, the U.S. and Spain.
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