A class-action lawsuit has been announced after a pro-Donald Trump crypto-currency was launched, leaving investors broke. Those suing purchased a digital currency named after the right-wing slogan "Let's Go, Brandon." Now they're saying that they were the victims of a pump-and-dump scheme by the insiders, the Daily Beast reported.
The slogan "Let's Go, Brandon," is a phrase that is supposed to mean, "F*ck Joe Biden." It has never been clear why Trump supporters have censored themselves from saying the phrase, but it has become a major slogan in Trumpworld. The popularity of the meme expanded to such a degree the cryptocurrency was named after it.
According to those waging the class action lawsuit, however, the value of the digital currency sank like a stone. The start of the coin was purchased by Donald Trump's most loyal fans, but it died. It was then relaunched in Feb. 2022 to considerable fanfare only to plummet again. Trump loyalists lost everything they'd invested.
Investor Eric De Ford is named as a plaintiff in the lawsuit and according to his lawyers, the currency's executives and insiders “made false or misleading statements” and “disguised their control over the [c]ompany.” The 79-page lawsuit filed in Florida says that the currency's leaders “cynically marketed the LGB Tokens to investors so that they could sell off their portion…for a profit.” Selloffs of the coin caused the value to fall considerably.
One of those named in the lawsuit is NASCAR, right-wing personality Candace Owens and hedge funder James Koutoulas along with others.
In a response to questions from the Beast, Koutoulas accused Eric De Ford of being like a stalker.
“One moment he’s praising our vision and offering to promote the coin, now suddenly, he’s filed a bizarre conspiracy claim,” Koutoulas said.
Presumably, Mr. De Ford was supportive regarding the currency until he lost all of his money.
“We are disappointed to learn that Mr. Koutoulas would resort to such a misleading characterization of the facts in this case in what appears to be a desperate attempt to continue to prop-up the value of the token and to scare away other defrauded investors from seeking their day in court,” wrote a lawyer representing Aaron Zigler, who is part of the class-action lawsuit.
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