Meteora Co-Founder Accused in 15 Token Scam Scheme

The amended lawsuit, first filed on April 21, 2025, reveals a sophisticated operation allegedly masterminded by Benjamin Chow that spanned at least 15 different cryptocurrency tokens. According to court documents, Chow leveraged his position as Meteora co-founder and his technical expertise to manipulate token economics while Kelsier Ventures, run by Hayden Davis and family members Charles and Gideon Davis, handled marketing and promotion. The scheme allegedly used high-profile names including U.S. First Lady Melania Trump and Argentine President Javier Milei as “window dressing” to lend credibility to controversial meme coins like MELANIA and LIBRA, though the lawsuit specifically notes these public figures are not being held responsible.

Private messages from a whistleblower form the backbone of the expanded allegations, with Hayden Davis allegedly admitting to carrying out “at least fifteen token launches at Chow’s direction.” The initial complaint had focused on manipulation of the Solana-based M3M3 token, where insiders allegedly controlled up to 95% of the supply. The amended filing now claims this was merely one component of a broader pattern of fraud that employed the same formula across multiple tokens: create artificial scarcity, flood social media with paid promotions, then coordinate massive insider sell-offs that collapsed token values.

Court documents describe a clear division of labor within the alleged scheme. Benjamin Chow, with his “unique knowledge of the code and the ability to manipulate liquidity, fee routing, and supply controls,” allegedly handled the technical side, creating situations where token values could be artificially inflated then collapsed without ordinary traders’ knowledge. This technical control enabled the group to allegedly manipulate supply and prices across the 15 tokens, including the MELANIA and LIBRA meme coins that gained attention through their celebrity associations.

Kelsier Ventures allegedly managed the marketing apparatus, using paid influencers and coordinated social media campaigns to create the illusion of organic public demand. The lawsuit claims the Davis family—Hayden, Charles, and Gideon—orchestrated these promotional efforts across all 15 tokens, employing identical tactics for each launch. When prices reached artificially inflated levels through this manufactured demand, insiders would allegedly execute coordinated sell-offs, dumping their holdings simultaneously and causing token values to plummet, leaving retail investors holding virtually worthless assets.

Despite public denials, blockchain evidence appears to contradict the defendants’ claims of innocence. Following the LIBRA token crash in February 2025, Meteora allegedly engaged in what plaintiffs call “performative” actions by pretending to blacklist Kelsier Ventures. Chow and other Meteora leaders made sworn declarations describing themselves as “passive developers of autonomous software” with no involvement in token price behaviors. Chow resigned from Meteora in February while maintaining his innocence, but the timing coincided with mounting evidence from blockchain analysis firms.

Data from blockchain analysis company Bubblemaps, detailed in their February 17, 2025 report, traced wallet addresses that revealed clear financial ties between the creators of MELANIA and LIBRA tokens. The analysis showed insiders generated over $100 million in profits from the alleged schemes. This forensic evidence directly challenges the defendants’ claims of non-involvement, showing coordinated wallet activity and financial flows that suggest sophisticated manipulation rather than organic market behavior.