Celebrity coin scandal escalates: Melania and the mastermind behind the LIBRA eyewash emerge, lawsuit points directly at the founder of Meteora.

In response to the much-followed collapse of the Melania and LIBRA Meme coin, a new class action lawsuit points the finger at Meteora founder Benjamin Chow, accusing him of being the mastermind behind a series of “eyewash Tokens.” The plaintiffs claim that public figures promoting the Tokens, such as First Lady Melania Trump and Argentine President Javier Milei, are not the “culprits,” but merely “window dressing” used by Chow and his partner Kelsier Ventures to legitimize the “coordinated Liquidity Trap.” Although the judge has expressed skepticism about the plaintiffs' chances of winning, this legal action highlights the severity of celebrity influence and the fraud risk associated with Meme coins.

The Core Accusation of the Meme Coin Eyewash: Celebrities are “Window Dressing”

The latest documents in the class action lawsuit deny the guilt of public figures, instead focusing on a carefully orchestrated “Liquidity Trap” and its manipulators.

· Main defendant's transfer: The lawsuit documents (Hurlock v. Kelsier Ventures) list Meteora, Chow, and others as defendants, but explicitly state that the plaintiffs do not believe that the public figures promoting MELANIA and LIBRA are accomplices; they are merely the “eyewash” of the crime.

· Borrowing Celebrity Credibility: The defendant “borrowed the credibility of real-world figures or themes,” such as the “official Melania Trump” Token (MELANIA) and the Token (LIBRA) related to “Argentinian Revival,” in order to “legitimize” what is essentially a coordinated Liquidity Trap eyeglass.

· The collapse of Meme coin: The Melania Token soared rapidly after being promoted by the former First Lady, only to plummet 99% within months as the Meme coin team quietly sold off the tokens. The LIBRA Token also surged in value after being promoted by the Argentine president, but crashed 90% within hours, after which the president deleted the related posts.

· On-chain correlation: On-chain analytics company Bubblemaps discovered a connection between the wallets used to launch MELANIA and LIBRA, which triggered this class action lawsuit.

Benjamin Chow: Accused of being the “mastermind” behind the “corporate core”.

The plaintiff claims that Meteora founder Benjamin Chow is the center of the entire fraudulent activity, and he assembled a small team to execute a token issuance plan for “pump-and-dump.”

· Chow is at the center of the eyewash: the plaintiff alleges that Chow is the “core of the enterprise” and that he completely separated Meteora's automated market-making business from the “brand, infrastructure, and codebase” used to operate the “pump and dump” Tokens, even though these Tokens still operate in the name of Meteora.

· Cooperative Team: The lawsuit documents state that Chow formed a small team of trusted collaborators, including Ng Ming Yeow ( “Ming” ), co-founder of Meteora and Jupiter, and the Davis family (Hayden, Charles, and Gideon Davis) operating through Kelsier Ventures, who jointly executed fraudulent activities.

· Role of Kelsier Ventures: Kelsier Ventures CEO Hayden Davis was accused of executing at least 15 Token issuances “under the direction of Chow,” while the Kelsier team worked “under his direction.” The plaintiff's law firm cited private Telegram screenshots of Davis as evidence.

· Chow's Resignation Chow resigned from his position at Meteora in February, when details regarding the issuance of the Meme coin began to surface.

Legal Landscape and Investor Risk Warning

Although the plaintiff's allegations are very specific, legal proceedings show that the progress of the case is not smooth sailing, reminding investors of the inherent high risks in the Meme coin space.

· Judge's doubts: Although the lawsuit is still ongoing, in August, a judge ordered the unfreezing of 57.6 million USDC related to LIBRA Meme coin, as the judge expressed “doubt” about the plaintiff's chances of winning the case.

· Investment Warning: This incident vividly reminds investors in the cryptocurrency market that the Meme coin space is rife with high speculation and fraud risks, and tokens promoted by celebrities should be approached with caution.

Conclusion

The collective lawsuit against Melania and LIBRA Meme coins is not only a legal battle but also a deep exposure of fraudulent activities in the crypto market that exploit celebrity effects and information asymmetry. The plaintiffs are directing their accusations at Meteora founder Benjamin Chow, attempting to prove that these high-profile token issuances are a carefully orchestrated “pump and dump” scheme. Although the court still has doubts about the outcome of the case, this incident has severely damaged the credibility of the Meme coin ecosystem and has prompted investors to pay more attention to the actual controllers behind the projects and on-chain manipulation evidence, rather than just being attracted by “window dressing”.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make cautious decisions.