Jupiter Refute Claims of Insider Trading; Seeks Independent Legal Review

Meow, Co-founder of Jupiter and Meteora addresses recent allegations of insider trading and financial impropriety involving Jupiter and its affiliated project, Meteora.

Meow unequivocally denies any such wrongdoing.

“My confidence in the integrity of both organizations and all personnel involved remains absolute. To address these allegations definitively and transparently, Jupiter has engaged Fenwick & West, a globally recognized and highly reputable law firm, to conduct a thorough and independent investigation. Fenwick & West will produce a public report detailing their findings. This proactive measure underscores our commitment to transparency and accountability.”

Furthermore, I fully support Ben, the former head of Meteora, and his assertion of no financial impropriety in dealings with partners. While I have complete faith in Ben’s character, I acknowledge his recent performance has fallen short of the expectations demanded by Meteora’s current scale and standing, he stated.

Specifically, a demonstrable lack of judgment and attention to critical project aspects has become evident over the past several months. “This, unfortunately, is unacceptable.”

Consequently, Ben has resigned from his position, and a search for new leadership at Meteora is underway. I urge everyone to show compassion and refrain from hasty judgments as Ben works to clear his name; his considerable contributions to the ecosystem are undeniable.

Jupiter Seeks Third-Party Law Firm For Clarity

Jupiter’s unwavering commitment to token transparency is well-documented. We are unique among major protocols in having undergone three comprehensive audits, each meticulously accounting for every token. We have never conducted over-the-counter (OTC) token sales, and we meticulously document and plan every significant token transaction within our audit processes.

Moreover, Jupiter’s operational model prioritizes a non-extractive approach. We have facilitated tens of billions of dollars in swaps at no cost to users, enabling our partners to generate hundreds of millions of dollars in fees with minimal compensation for ourselves.

“Our perpetual fees, transparently reported alongside audits from two leading industry partners, exemplify this commitment. Even the recent introduction of Ultra Mode, our first fee-based service, charges users a minuscule 0.05%-0.1%, significantly lower than competing platforms. The vast majority of fees remain within the Solana ecosystem, invested in jupSOL/JLP, except for funds allocated to talent acquisition and operational expenses.” Meow asserted.

“I have not sold a single JUP token, nor do I engage in speculative memecoin trading. We consistently rejected numerous offers of free tokens for marketing. We largely hold tokens from previous investments and advisory roles, attempting to appease the community.”