Ben Chow Accused of $57M Fraud Involving Libra and Melania Tokens

TheCryptoTimesPublished on 2025-10-23Last updated on 2025-10-23

A class action lawsuit filed in the Southern District of New York accuses Meteora co-founder Benjamin Chow of orchestrating a $57 million memecoin fraud using celebrity names to attract investors.

The case was filed on Tuesday, Oct 21st, by investors who claimed Chow and his partners used figures like Melania Trump and Argentine President Javier Milei to promote tokens such as $LIBRA, $MELANIA, $ENRON, $M3M3, and $TRUST. The plaintiffs — Omar Hurlock, Anuj Mehta, and John Winslow — allege the group tricked investors through fake endorsements, and insider-controlled liquidity pools to inflate token prices before dumping them for profit.

A “Fraud Factory” Disguised as DeFi

In the court filings, the lawsuit described how the “Meteora-Kelsier Enterprise” operated as a “fraud factory” pretended to be a normal DeFi project. Chow and his partners, including Hayden Davis from Kelsier Ventures and Jupiter co-founder Ng Ming Yeow, allegedly made up stories and borrowed fame from real people to gain trust.

According to the complaint, they used tools inside Meteora’s Solana-based system to control how and when people could trade the tokens. This let insiders buy large amounts early and stop trading when prices were high, which allowed them to dump their coins while investors were left with losses.

Court filings explain that wallets linked to the scheme were used to fund deployer accounts, seed liquidity, and finance early trades that created false demand.

“These faces and brands were used as props to legitimize what was actually a coordinated liquidity trap.” Plaintiffs said that Melania Trump and President Milei were not to blame and were only “window dressing” for the scheme.

Collapse and Legal Fallout

The $LIBRA coin was launched in February 2025 and advertised as a project to support small businesses in Argentina. It gained quick attention after Milei’s verified X account shared its contract address, but the token collapsed within hours after. The complaint says the deployer wallet withdrew over $110 million in liquidity, and left investors with worthless coins. Milei later deleted the post and faced a separate fraud probe, though Argentina’s anti-corruption office said he broke no ethics rules.

The $MELANIA coin followed a similar path, with its price crashing by over 60% within days. Chow stepped down from Meteora in February, saying he had no tokens or insider information. The plaintiffs are seeking full repayment and triple damages under U.S. RICO laws, accusing the group of fraud, conspiracy, and deceptive business practices.

Also Read: DeFi Exchange Bunni Shuts Down After $8.4M Hack

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What is DOGE M

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While the overarching objectives of Doge Matrix are not extensively defined, it is characterized by a commitment to harnessing community involvement and support. Unlike traditional cryptocurrencies that often emphasize utility or intrinsic value through underlying technologies, Doge Matrix positions itself within a space that embraces the cultural phenomenon of cryptocurrencies, particularly appealing to those who resonate with the ethos of meme-based assets. Drawing on the strengths of the Dogecoin community, Doge Matrix operates as part of a broader ecosystem, inviting participation and engagement from users who share an interest in cryptocurrency and the digital landscape. Who is the Creator of Doge Matrix ($doge m)? The identity of the creator of Doge Matrix remains unknown. This lack of transparency is not an uncommon occurrence in the cryptocurrency space, where some projects are launched without revealing the identities of their founders. The absence of information regarding the founding team can raise questions among potential investors about the project’s accountability and direction. Who are the Investors of Doge Matrix ($doge m)? As it stands, there is no publicly available information detailing the investors or investment foundations that back Doge Matrix. The project appears to rely primarily on community support rather than institutional investment. This model aligns with the community-driven nature of the initiative, fostering an environment where the direction of the project is shaped by its participants rather than being dictated by a select few financial backers. How Does Doge Matrix ($doge m) Work? The specifics regarding the operational mechanisms of Doge Matrix are somewhat vague, reflecting a broader trend of projects in the meme coin space where innovative functionalities are not always clearly articulated. 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January 1, 2025: Conversely, Doge Matrix hit its all-time low value, illustrating the volatility often associated with cryptocurrencies, especially in the early stages of a project's lifecycle. Ongoing: The project continues to be actively traded and supported by its community, although specific future milestones or objectives have yet to be disclosed. Key Points About Doge Matrix ($doge m) Community Focus At the heart of Doge Matrix is a commitment to community engagement. The project thrives on the premise of collaboration and shared objectives among its members, emphasizing the importance of collective effort. Unlike centralized projects that often have a defined leadership structure, Doge Matrix at present showcases a more fluid approach to governance, where every community member's voice matters. Volatility The cryptocurrency market is notorious for its volatility, and Doge Matrix is no exception. 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What is $M

Understanding Mantis ($M): A New Era in Cross-Chain Interoperability In the continually evolving landscape of Web3 and cryptocurrency, new projects strive to offer innovative solutions aimed at enhancing the user experience and expanding functional possibilities within the decentralized financial ecosystem. One such project garnering attention is Mantis ($M), a pioneering protocol founded on the principles of cross-chain interoperability and intent-based settlements. This article delves into the essential aspects of Mantis, including its core functionality, creators, investment backing, innovative features, and critical milestones. What is Mantis ($M)? Mantis is described as a multi-domain intent settlement protocol that simplifies cross-chain interactions, enabling users to execute complex financial transactions across various blockchain platforms seamlessly. The protocol operates through three primary layers: Intent Expression: Users can articulate their transaction goals using natural language facilitated by the DISE LLM, an advanced AI language model. For instance, a user might express a desire to swap Ethereum (ETH) for Solana (SOL) with a specific slippage tolerance of 1%. Execution: This layer employs a network of solvers that compete to fulfill user intents. Transactions are executed using mechanisms such as Coincidence of Wants (CoWs) and Order Flow Auctions (OFAs), which ensure that user demands are met optimally. Settlement: Leveraging the Inter-Blockchain Communication (IBC) protocol, Mantis enables atomic cross-chain transactions, allowing users to operate across various supported chains, including Ethereum, Solana, and Cosmos. Mantis is engineered to introduce native yield generation for idle assets, employing cryptographic proofs to maintain the integrity of transactions throughout the entire process. Creators & Development Team Mantis was conceived by the Composable Foundation, a research-driven organization notable for its emphasis on blockchain interoperability solutions. This foundation collaborates with esteemed academic institutions, including Harvard University and the University of Lisbon, contributing to extensive research and development efforts that inform Mantis's architecture and functionality. The Composable Foundation’s commitment to fostering innovation in the blockchain space positions Mantis as a robust solution for the growing demand for interoperability among multiple blockchain networks. Investors & Backing While specific details about individual investors have not been publicly disclosed, Mantis enjoys substantial backing from various entities, including: Ecosystem grants from IBC-enabled chains, which support the protocol's growth and integration within decentralized finance ecosystems. Strategic partnerships with infrastructure providers that enhance Mantis's network capabilities and deployment strategies. Funding through the Composable Foundation's treasury, ensuring sustained financial support for ongoing development and operational costs. These collaborative efforts reflect a consensus among stakeholders about the importance of enhancing cross-chain functionality and the potential utility of Mantis's infrastructural innovations. Key Innovations Mantis sets itself apart through several pioneering innovations that enhance its functionality and utility: Chain-Agnostic Intents: Users can initiate transactions from any supported chain while settling on another. This flexibility empowers users, driving increased interaction among different platforms. AI-Powered Interface: The integration of DISE LLM allows users to conduct complex DeFi operations using natural language, thereby simplifying interactions and making blockchain technology accessible to a broader audience. Cross-Domain MEV Capture: Mantis creates an internal market for maximal extractable value (MEV) through competitions among solvers. This innovative approach allows for greater efficiency and value extraction in complex transactions. Modular Settlement Layer: The protocol supports various verification methods, including zero-knowledge proofs and optimistic rollups, providing a versatile framework that can adapt to emerging blockchain technologies. Historical Timeline Mantis's development is marked by several critical milestones that chart its trajectory and growth: | Year | Milestone | |————|————————————————————————-| | 2022 | Initial concept development within the Composable Foundation's research division. | | Q3 2024 | Launch of the testnet with bridging capabilities between Solana and Ethereum. | | Q1 2025 | Anticipated Token Generation Event (TGE) alongside the mainnet launch. | | Q2 2025 | Expected integration of DISE LLM and expansion of cross-chain capabilities. | | 2025 H2 | Planned support for over 15 chains through further IBC upgrades. | This timeline outlines Mantis's evolution, from conceptual discussions to active implementation and future growth phases. Ecosystem Growth Strategy Mantis's strategy for ecosystem growth includes several initiatives designed to encourage user participation and developer engagement: Credits System: Users can earn protocol credits by providing liquidity and engaging in referral programs. These credits are redeemable for incentives in the future, fostering a robust user community. Modular Software Development Kit (SDK): This toolkit empowers developers to create applications based on intent-driven models utilizing Mantis's infrastructure, thus promoting innovation within its ecosystem. Governance Model: As the protocol matures, $M token holders will have a voice in protocol governance, allowing them to vote on proposed upgrades and changes, thereby enhancing community engagement and decentralization. Mantis represents a significant advancement in the realm of cross-chain architecture. By seamlessly integrating advanced AI algorithms with a robust settlement framework, Mantis seeks to tackle the problems of fragmentation within multi-chain ecosystems. Its innovative approach prioritizes improved user experiences while adhering to the foundational principles of decentralization and security, setting a new standard for the future interoperability of blockchain technologies. As Mantis continues its journey of growth and implementation, it promises to be a project to watch closely in the competitive landscape of Web3 and decentralized finance. With its focus on crossing boundaries and elevating user engagement, Mantis is poised to be an integral part of the future developments in the cryptocurrency space.

617 Total ViewsPublished 2025.03.18Updated 2025.03.18

How to Buy M

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Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of M (M) are presented below.