Meteora co-founder's X account hacked amid memecoin controversy

Meteora, a Solana-based decentralised exchange, reported that the X account of its co-founder, Ben Chow, was hacked on March 11, following a post accusing memecoin founders of exploitative practices.

The incident has reignited debates surrounding the controversial launch of tokens such as Libra (CRYPTO:LIBRA), Melania Meme (CRYPTO:MELANIA), and Official Trump (CRYPTO:TRUMP), which previously led to Chow’s resignation.

The compromised account published an “official statement” claiming that Chow stepped down due to the “parasitic” nature of the memecoin space.

The post accused DefiTuna founders Vlad Pozniakov and Dhirk of aiming to “max extract” funds from token launches like MELANIA and Mates (CRYPTO:MATES).

Alleged screenshots of WhatsApp conversations between key figures in the memecoin industry were also shared, though their authenticity remains unverified.

Meteora quickly flagged the post as fraudulent, confirming that Chow’s account had been compromised.

The company urged users not to click on any links shared from the account to avoid phishing scams or financial losses.

Meteora’s X account was also briefly hacked but has since been secured.

Co-founder Zen, now serving as CEO, stated that both accounts were reset and are undergoing verification.

This hacking incident highlights ongoing risks in the cryptocurrency space, particularly regarding social media security.

Hacked accounts can be used to spread misinformation, promote scams, or damage reputations.

Meteora has advised investors to remain vigilant against potential phishing attempts.

The controversy surrounding memecoins extends beyond this incident.

Notably, Argentine President Javier Milei faced backlash for endorsing LIBRA, a token that surged in value before a massive sell-off wiped out millions in investor funds.

While Milei denied allegations of wrongdoing, the event underscores the volatility and risks associated with memecoin projects.