SEC Lawsuit Alleges $57 Million Libra & Melania Coin Scam by Meteora Co-Founder

Benjamin Chow, co-founder of Meteora, is facing a federal class action lawsuit for allegedly orchestrating a cryptocurrency scam that involved the LIBRA and MELANIA meme coins. The lawsuit claims he used his public profile to market these tokens, ultimately driving down their value before selling them off, resulting in losses for investors totaling $57 million. This case could have significant implications for how regulators approach meme token regulation, highlighting concerns about exploitation of public figures and the impact on investor confidence.