The founders of the right-wing “Let’s Go Brandon” (LGB) cryptocurrency are accused of engaging in a pump-and-dump scheme, according to a class-action lawsuit filed in Florida. NASCAR, Brandon Brown, and Candace Owens have been sued for marketing a defunct cryptocurrency in a pump-and-dump scheme.
The plaintiff, Eric De Ford, is suing not only the firm behind the LGB coin, but also its promoters, including political analyst Candace Owens, NASCAR driver Brandon Brown, and NASCAR itself, according to the court complaint. The suit claims the defendants “made false or misleading statements to investors” about the coin, “disguised their control over the Company and a significant percent of the LGB Tokens,” and that investors could make “significant returns from the LGB Tokens, similar to other so-called “meme coin digital assets.”
“Let’s Go Brandon” has NASCAR roots and was meant as a dig at President Biden. Brandon Brown was being interviewed after his victory in October when the crowd yelled “Fuck Joe Biden,” which the journalist misinterpreted as “Let’s Fuck Joe Biden.”
The lawsuit alleges that the LGB currency’s founders pushed the coin to artificially create interest in the coin so they could sell their shares at a profit. As a part of this, the firm announced a sponsorship with Brandon Brown, a driver whose name is synonymous with the phrase “Let’s Go, Brandon,” which NASCAR ultimately rejected.
NASCAR officials claim they refused to sponsor Brown during their first meeting with the coin’s inventors in November, but the suit alleges that they did not remove themselves from the currency and allowed the sponsorship to stand. The day after LGB revealed its NASCAR sponsorship, the coins increased by 510 percent.
The coin’s value began to fall in January, and the LGB Twitter account announced on Jan. 27 that “Sometimes you just need to have faith and HODL,” which is a term used in the cryptocurrency community to signify “hold on for dear life.”
In February, the coin was reissued as LGB Tokens, which are still in circulation today. The lawsuit contends that despite NASCAR’s sponsorship veto, the coin’s founders “continued to advertise LGB Tokens to push up the price of the tokens while NASCAR backed out of its sponsorship approval.”
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