Jupiter and Meteora have rejected claims of insider trading and financial wrongdoing. Meow, Jupiter’s founder and Meteora’s co-founder stated that both companies have always operated transparently.
Jupiter hired Fenwick & West, a third-party law firm, to investigate the allegations and publish an independent report to ensure accountability.
Jupiter addresses insider trading allegations
Meow dismissed accusations that Jupiter engaged in insider trading or obtained tokens improperly. He emphasized that the company had not received any assets through unethical means. To reinforce its commitment to integrity, Jupiter brought in Fenwick & West to conduct a thorough review of the situation.
The company also clarified that Meteora has operated separately from Jupiter for over a year. Meow stated that Ben Chow, the former project lead, had managed Meteora independently. While acknowledging Ben’s contributions to building the company and its community, Meow pointed out that Ben had shown lapses in judgment over the past few months. Due to these concerns, Ben decided to step down, and Meteora is now searching for new leadership.
Despite the situation, Meow urged the community to be fair toward Ben and allow him to clear his name. He noted that Ben had played an essential role in the ecosystem and should not be judged prematurely.
Jupiter Emphasizes Commitment to Token Transparency
Jupiter reiterated its dedication to maintaining high standards for token transparency. The company claimed that JUP has set a benchmark by ensuring accountability for every token through multiple audits. It also stated that it has never engaged in over-the-counter (OTC) token sales and that all significant token movements have been carefully recorded.
Meow described Jupiter as one of the least extractive entities in space, allowing users to trade billions of dollars without incurring significant fees. He added that the company had enabled its partners to generate substantial revenue while keeping Jupiter’s fees minimal.
The firm confirmed that its perpetual fees had been transparently reported in collaboration with leading audit firms. It recently introduced swap fees through its Ultra Mode, ranging between 0.05% and 0.1%, which are significantly lower than other major platforms. Most of these fees remain within the Solana ecosystem and are reinvested in jupSOL/JLP, with only a portion allocated to talent acquisition and operational expenses.
Meow Outlines Future Plans for Jupiter
Meow stated that he had not sold any JUP tokens and did not actively trade memecoins. He also emphasized that he had rejected multiple offers of free tokens for marketing purposes. He reiterated his commitment to holding tokens long-term and aligning with Jupiter’s principles.
The leader of Jupiter verified that the company had not maintained its strict token integrity policies across all previous ventures. The industry needs long-term transparency and alignment rather than additional tokens for sustainable development according to him. He described his plans to develop ethical guidelines and products and operating systems which would define the future path of crypto.
The main objective of Meow centers on making Jupiter the top decentralized platform and constructing Jupnet to integrate the entire ecosystem network. According to him recent events can help Jupiter establish a new industry benchmark by creating transparent innovative solutions.