Odaily News Jupiter co-founder meow YuX responded to the Libra incident: “Hi everyone, I am meow from Jupiter, and I am also the co-founder of Meteora.
First, let me reiterate my confidence that no one at Jupiter or Meteora has committed any insider trading or financial misconduct, nor has anyone improperly acquired any tokens.
Second, we are hiring an independent third party (the well-known law firm Fenwick & West) to conduct an investigation and publish a report, and they will publish the report independently.
Third, I stand by Ben and his statement. I believe what he says about no financial impropriety in his dealings with his partners.
Meteora has been operating as a separate entity from Jupiter for over a year now, and Ben has been running it without me being involved. He has done an amazing job building the team, the most innovative DEX of the past year, and the most active LP community in the world.
While I have 100% confidence in Ben's character, as the project leader he has also demonstrated a lack of judgement and concern for certain core aspects of the project (given its current size and reputation) over the past few months.
Unfortunately, this is unacceptable. Ben understands this and has chosen to resign. Moving forward, we will be searching for a new leader for Meteora.
As many can attest, Ben has been an extremely helpful and kind participant in the ecosystem. I ask that everyone not jump to conclusions and be as kind as possible to him as he attempts to clear his name.
JUP has always been the gold standard when it comes to token transparency. We are the only major protocol to account for every token in 3 audit processes. We have never sold tokens off-market, and every major token usage is carefully documented and planned by our audits. Token integrity has been of paramount importance to us since day one.
Second, Jupiter is one of the least predatory players in the ecosystem. We allow users to exchange tens of billions of dollars for free and allow our partners to earn hundreds of millions of dollars in fees, with very little revenue on our end.
Over the past year, our perpetual contract fees have been transparently recorded and reported with two of the best audit partners in the space. Even our recent Ultra Mode was the first time we charged users a conversion fee, and the fee was 0.05%-0.1%, which is 10 to 20 times lower than other major platforms.
Aside from amounts used to fund talent recruitment and operating expenses, the vast majority of fees are retained on Solana and invested in jupSOL/JLP and remain within the ecosystem.
Personally, I have not sold a single JUP and do not trade Meme Coins regularly. I have been offered free tokens for marketing purposes on multiple occasions and have declined them all. Prior to Jupiter, most of the tokens I received from investing/consulting were Diamond Hands.
I would like to apologize for the stress I have caused to the team, community, and the entire ecosystem recently.
While we have very high standards for token integrity at Jupiter, I want to apologize for not holding other projects in the space to the same standards.
This is a watershed moment for our industry, and it is now crystal clear to me that the way to grow the industry is not just through more tokens, but through projects that have the same level of token certainty, long-term consistency, and extreme transparency as JUP.
One of my main goals is to create permissionless products, operating systems, and ethical standards that I believe can form a new foundation for the future of cryptocurrency.
1. Make jup.ag the best decentralized platform
2. Build Jupnet as a network that connects everything
3. Drive standards of certainty, consistency, and transparency in our industry I’m not perfect, and I’ve learned a lot of important lessons. I hope to learn from them and use the powerful systems we’ve built for JUP to define the next major phase for our industry – growth.”