TL;DR
The co-founder of the firm behind Trump and Melania tokens resigned after the LIBRA token, which they also launched, crashed over 90% post-launch amidst insider trading allegations—another classic crypto pump and dump scheme.
Story
Another day, another crypto scam. This time, it’s the Trump and Melania tokens, built on the Solana blockchain by a firm called Meteora. The co-founder, Ben Chow, just resigned amidst whispers of insider trading. Color me shocked.
Here’s the gist: Meteora launched a token called LIBRA, supposedly backed by Argentinian President Javier Milei. But shortly after launch, LIBRA’s value tanked over 90%. Sounds familiar, right? It’s the same old pump and dump‣ Pump and dump: Artificially inflating an asset’s price (the “pump”) before selling off (the “dump”), leaving others with near-worthless holdings. scheme we’ve seen time and again, from the dot-com bubble to the 2008 housing crisis. Create hype, lure in suckers, cash out, and leave the little guy holding the bag.
Think of it like a casino where the house always wins. They rig the game, rake in the chips, and vanish when the music stops. These LIBRA buyers? They’re the gamblers left wondering where their money went.
Meteora and Jupiter exchange (also co-founded by Chow) deny any wrongdoing. Of course they do. They’ll launch an “independent” investigation, and nothing will come of it. Remember Enron? These investigations are just elaborate smokescreens to buy time and feign accountability. It’s all a performance.
This whole saga reeks of desperation. Trump’s brand is tarnished, Melania’s NFT venture flopped, and now this. It’s a house of cards built on hype and hot air, and it was only a matter of time before it collapsed.
Advice
If something sounds too good to be true—like guaranteed returns in a volatile market—it probably is. Stay away from celebrity-endorsed tokens and do your research before investing in anything. Remember, there’s no such thing as a free lunch, especially in crypto.