The “Let’s Go Brandon” (LGB) cryptocurrency token is the topic of a proposed class-action lawsuit, which states the developers of the “meme coin” and others misrepresented the digital asset in order to artificially inflate its value before selling their share for personal benefit.
Consequently, a court filing has been launched in Florida against the creators of the cryptocurrency, who are accused of engaging in a pump-and-dump scam.
According to the 77-page lawsuit, the plaintiff, Eric De Ford, is suing, alleging that a “pump-and-dump” scheme was perpetrated by the creators of the LGB token and their company, LGBcoin.io.
The firm enlisted NASCAR, Brandonbilt Motorsports, driver Brandon Brown, and conservative figures such as Candace Owens and David J. Harris, Jr., among others.
What was the scheme?
The accusation is they falsely endorsed the meme coin on social media while concealing their ownership of substantial amounts of the asset.
It is alleged in the complaint that investors who purchased the politically charged tokens between November 4, 2021, and March 15, 2022, bought in particularly during that period when it was believed that NASCAR would approve the LGB token’s sponsorship of Brown. However, they suffered significant financial losses as a result of their purchases being made at artificially inflated prices.
“Defendants’ strategy was a success,” the suit reads. “The misleading promotions and celebrity endorsements were able to…
