Decrypt reports that Benjamin Chow, the creator of the blockchain platform Meteora, has become the main defendant in a fraud investigation involving the MELANIA and LIBRA tokens. Plaintiffs claim that the names of the U.S. First Lady and the President of Argentina were used to lend legitimacy to schemes based on artificial price inflation and subsequent crashes.
According to the court filing in Hurlock v. Kelsier Ventures, Chow and his partners launched a series of meme tokens under the guise of celebrity-backed projects. The plaintiffs allege that all of the tokens were created by the same team operating under the brands Meteora and Kelsier Ventures.
How the Fake Tokens Were Created
The investigation states that at least 15 tokens were launched as part of the scheme, five of which are detailed in the lawsuit. The most prominent examples are MELANIA and LIBRA – assets associated with Melania Trump and Javier Milei.
In January, the former U.S. First Lady published a post announcing the launch of the MELANIA token on the Solana network – just two days after her husband Donald Trump introduced his own digital asset. The coin’s price soared rapidly but soon lost 99% of its value after developers withdrew liquidity and abandoned the project.
A similar story unfolded with the LIBRA token, which was marketed as a tool to support small businesses in Argentina. After a brief surge in interest, its price collapsed by nearly 90%, and President Milei’s related posts were deleted. Later, analysts from Bubblemaps discovered links between wallet addresses involved in the creation of both assets.
Main Figures in the Case
The complaint alleges that Chow acted in concert with Meteora and Jupiter co-founder Ng Ming Yeow (also known as Ming) and members of the Davis family – Hayden, Charles, and Gideon – through their company Kelsier Ventures. According to the plaintiffs, the group systematically launched new tokens to create short-term demand spikes followed by rapid crashes.
Hayden Davis, who publicly commented after the LIBRA collapse, is now identified in the case as an executor acting under Chow’s direction. Chow himself left Meteora in February, shortly after the meme token controversy became public.
Ongoing Court Investigation
The law firm Burwick Law, representing the plaintiffs, stated that it possesses Telegram correspondence confirming Chow’s leadership role in the scheme. However, the court has already ordered the unfreezing of $57.6 M in USDC connected to LIBRA, citing insufficient evidence at this stage.
Representatives of Kelsier Ventures declined to comment, while Chow has not responded to journalists’ inquiries.
The case remains ongoing, with the blockchain community closely watching it as one of the most high-profile examples of alleged misuse of public figures’ names in the crypto industry.
Read also:
- Analysts Link LIBRA and MELANIA. Argentina’s President May Face Up to 6 years in Prison for Fraud
- "I Did Not Promote It": Milei Comments on LIBRA Token Scandal for the First Time
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