Michael Fluhr

@Drew_Morris Lawyers shouldn't be on social media, period. Rookies.

🚨JUST IN: Discussion draft of market structure bill just dropped from @FinancialCmte and @HouseAgGOP!

Hi, I’m meow from Jupiter, and I also cofounded Meteora. Firstly, I’d like to reiterate my confidence that no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately. Secondly, we are hiring an independent 3rd party (Fenwick & West, one of the most reputable law firms in the world) to investigate and issue an report which they will publish independently. Thirdly, I stand by Ben and his statement. I believe him when he says there was no financial inappropriateness in dealing with partners. Meteora has been operating as a separate entity from Jupiter for over a year now and Ben has been running it without my significant involvement. He has done a great job building up the team, the most innovative DEX in the past year and the most active LP community in the world. While I am 100% confident about Ben’s character,  as a project lead he has also shown a lack of judgement and care about some of the core aspects of the project (given its current size and reputation) over the past couple of months. And this is unfortunately unacceptable. Ben understands this, and has chosen to resign. Going forward, we will be looking for new leadership for Meteora. Ben has been an extremely helpful and kind participant in the ecosystem for a while now, as many people can attest. I ask everyone not jump to conclusions and be as kind to him as possible as he seeks to clear his name. > JUP, Jupiter, Me JUP has been the gold standard when it comes to token transparency. We are the only major protocol to ever account for every token over the course of 3 audits. We have never sold tokens OTC and every single major token use is carefully documented and planned in our audits. Token integrity is key to us since the very first day. Secondly, Jupiter is one of the most non-extractive players in the ecosystem. We have allowed users to swap tens of billions for free and our partners to make hundreds of millions of dollars in fees with minimal take on our end. Over the last year our perpetuals fees are transparently documented, reported along with the two best audit partners in the space. Even our recent Ultra Mode is the first time we are charging users for swaps, and at 0.05%-0.1%, it’s 10x-20x lower than other main platforms. Vast majority of fees are kept on Solana and invested in jupSOL/JLP and stay within the ecosystem, other than amounts used to fund talent acquisition and operating expenses.  On my end, I have not sold a single JUP, nor do I regularly trade memecoins. I have been offered free tokens many times for marketing, and I’ve always rejected every single one. I diamond hand most of the tokens that I received from investment / advisory in the past prior to Jupiter.  > Watershed Moment For Crypto I would like to apologize for the recent stress caused to the team, the community & the ecosystem as a whole. Even though we hold very high standards for ourselves for token integrity at Jupiter, I want to apologize that we haven’t held other projects in the space to the same standard. This is a watershed moment for our industry and it’s very very obvious to me now that the way to grow the industry is not simply via more tokens but to have projects that have the same level of token certainty, long-term alignment, and extreme transparency like we practice with JUP. One of my main goals will be to create permissionless products, operating systems, and ethical standards that I believe can form the new foundation of crypto moving forward. 1. Making jup.ag the best decentralized platform 2. Building Jupnet as the network to connect everything 3. Driving the certainty, alignment and transparency standards for our industry I’m not perfect and I’ve learnt a lot of crucial lesson. I hope to take the lessons from this and the robust systems we have built for JUP to define the next major phase of our industry - growing up. 🐱