The LIBRA Memecoin Scandal Escalates!

The founder of the Solana-based Pump.fun platform emphasized the necessity of new regulations for token launch platforms. On February 18, Alon expressed his “great discomfort” over the LIBRA memecoin launch, calling it an “insider scam” in a post on X.

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LIBRA was introduced as the official token of Argentina by President Javier Milei on February 15. However, shortly after, certain wallets siphoned $107 million from the token’s liquidity pool, and Milei deleted his post endorsing the token. This resulted in LIBRA losing $4.4 billion in market capitalization in just six hours.

Alon: “New Measures Must Be Taken!”

Pump.fun founder Alon argued that token launch platforms should implement stricter rules to enhance security and protect investors.

According to Alon:

• Users should be educated on how to create coins safely and ethically.
• Platforms should be made more user-friendly for new investors.
• The visibility of tokens showing suspicious trading patterns or ownership structures should be restricted.

Resignation Shock at Meteora!

Meanwhile, Meteora co-founder Ben Chow announced his resignation due to “poor judgment” on certain critical matters within the project.

Meow, the founder of Jupiter, denied allegations that their teams were directly involved in the LIBRA token launch, stating that no insider information was used for personal gain. Chow also assured that neither he nor the Meteora team engaged in any illegal transactions regarding LIBRA.

Finally, Meow revealed that they had hired Fenwick & West, a law firm, to conduct an independent investigation into the situation and release a detailed report.

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The post New Measures for Memecoins Following the Libra Scandal! appeared first on Coin Engineer.