‘Let’s Go Brandon’ memecoin investor sues Steve Bannon and Trump advisor Epshteyn in class action lawsuit
An investor filed a class action lawsuit against Steve Bannon and Boris Epshteyn over their promotion of the 'Let's Go Brandon' memecoin.Summary
A proposed class action lawsuit was filed in the U.S. District Court for the District of Columbia against Steve Bannon and former Trump advisor Boris Epshteyn for their promotion of the Let's Go Brandon memecoin, which was later rebranded to Patriot Pay. The suit alleges that the defendants knowingly and falsely promoted the token as decentralized, despite mechanisms allowing operators to freeze accounts and control smart contracts. Plaintiff Andrew Barr claims Bannon and Epshteyn exploited the trust of a politically aligned audience to encourage investment in what the suit argues was an unregistered security. The promotion, which began in late 2021, allegedly caused the token's price to surge significantly after a mention on Bannon's "War Room" podcast, but the defendants later reduced their promotional efforts.
(Source：The Block)