Jupiter and Meteora deny any insider trading or financial misconduct

Meow, founder of Jupiter and co-founder of Meteora, revealed that neither Jupiter nor Meteora committed insider trading or financial malpractice. Jupiter also hired the Fenwick & West law firm to investigate and report on any issues in the company.

Meow maintained that he stood by Ben Chow, the project’s previous lead, and his statement about the company. The company’s founder said that he believed Ben when he said there was no financial inappropriateness in dealing with partners.

Jupiter distances itself from insider trading allegations

It’s all unravelling so quickly. In the past hour we found out that Jupiter owner Meow is the real owner of Meteora. Ben lied about having no involvement with Libra and other Kelsier launches and was fired from Meteora. Gotta imagine Solana and its execs knew this the whole time. pic.twitter.com/n5F8IC5H3W

— Beanie (@beaniemaxi) February 18, 2025

Meow, the founder of Jupiter, refuted claims that the company was involved in insider trading or financial malpractices. The firm also said that it did not receive any tokens inappropriately.

Jupiter also revealed it hired Fenwick & West to investigate the cases of insider trading and financial misconduct in the company. The 3rd party law firm will also issue a report on the investigation, which they will publish independently.

Jupiter also disclosed that Meteora had been operating as a separate entity from Jupiter for over a year and Ben had been running it without his involvement. Meteora’s co-founder added that Ben had done a great job building up the company’s team. He also said that Ben built the most innovative DEX in the past year and the most active LP community in the world.

Meow shared that Ben, as the project’s lead, had shown a lack of judgement and care about some of the core aspects of the project over the past couple of months. He said it was unacceptable and that Ben had chosen to resign. Meow revealed that Meteora was looking for new leadership moving forward.

Jupiter’s founder acknowledged that Ben had been an extremely helpful and kind participant in the ecosystem for a while. He urged everyone not to jump to conclusions and be as kind to Ben as possible as he seeks to clear his name.

Jupiter claims to be the gold standard in token transparency

Jupiter said that JUP has been the gold standard when it comes to token transparency and token integrity was key from day one. The company also revealed they were the only major protocol to ever account for every token over the course of 3 audits. The firm also added that they have never sold tokens OTC and that every major token use was carefully documented and planned in their audits.

Meow also believes that Jupiter is one of the most non-extractive players in the ecosystem. He said that the company had allowed users to swap tens of billions for free. Jupiter also allowed their partners to make hundreds of millions of dollars in fees with minimal take on their end.

The firm confirmed that their perpetual fees were transparently documented and reported over the last year along with the two best audit partners in the space. It’s also the first time they charged users for swaps at 0.05%-0.1% in their recent Ultra Mode, which the firm said is 10x-20x lower than other main platforms. The protocol also maintained that the vast majority of fees are kept on Solana and invested in jupSOL/JLP. The fees stay in the system other than the amounts used to fund talent acquisition and operating expenses.

“On my end, I have not sold a single JUP, nor do I regularly trade memecoins. I have been offered free tokens many times for marketing, and I’ve always rejected every single one. I diamond hand most of the tokens that I received from investment / advisory in the past prior to Jupiter.” – Meow, founder of Jupiter and co-founder of Meteora.

Meow apologized that they had not held other projects to the same standard as the high standards for token integrity at Jupiter. He also maintained that the way to grow the industry is not simply via more tokens, but through projects that have the same level of token certainty. Meow also believes that the industry will grow through long-term alignment and extreme transparency like they practiced with JUP.

The firm’s founder disclosed that his main goals will be to create permissionless products, operating systems, and ethical standards. He believes his goals can form the new foundation of crypto in the future.

Meow said he wants to make Jupiter the best decentralized platform and build Jupnet as the network to connect everything. He also hopes to take the lessons from the accusations and the robust systems they have built for JUP to define the next major phase in their industry.

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