Investors Have Filed A Lawsuit Against NASCAR For The “Let’s Go Brandon” (LGB) Token Promotion, Alleging A Pump-And-Dump Scheme.

The “Let’s Go Brandon” (LGB) cryptocurrency token is the subject of a proposed class-action lawsuit alleging that the “meme coin’s” creators and others falsified the digital asset in order to dramatically increase its value before selling their share for personal gain.

As a result, a lawsuit has been filed in Florida against the LGB’s inventors, accusing them of running a pump-and-dump scheme.

According to the 77-page lawsuit, the plaintiff, Eric De Ford, is suing, saying that the inventors of the LGB token and their company, LGBcoin.io, engaged in a “pump-and-dump” scam.

NASCAR, Brandonbilt Motorsports, driver Brandon Brown, and conservative icons Candace Owens and David J. Harris, Jr., among others, were engaged by the firm.

They are accused of falsely endorsing the meme coin on social media while hiding substantial ownership of the asset.

Investors who acquired the politically charged tokens between November 4, 2021, and March 15, 2022, according to the complaint, bought in particularly at that time when it was thought that NASCAR would authorize the LGB token’s endorsement of Brown. However, because their purchases were made at fraudulently inflated costs, they experienced enormous financial losses.

The suit reads:

“Defendants’ strategy was a success. The misleading promotions and celebrity endorsements were able to artificially increase the interest in and price of the LGB Tokens during the Relevant Period, causing investors to purchase these losing investments at inflated prices.” 

According to the lawsuit, “Let’s Go Brandon” is a political slogan that many individuals have used to voice their displeasure with President Joe Biden.

When NASCAR authorities claimed that they had “changed [their] minds” about allowing the coin’s developers to support Brown, the token’s value plunged by 63% between December 30, 2021, and January 4, 2022.

According to the lawsuit, the LGB token bubble, during which the token’s price surged by more than 500%, broke almost immediately after NASCAR withdrew its sponsorship.

On January 28, 2022, the LGB token had a market value of $0, according to the filing. The price of the LGB token has not recovered at the time of writing, and trading volume has decreased dramatically.

The LGB token is based on political advertisement and branding, which are frequently used by “celebrities” and political commentators to deceive normal investors into believing that the asset will make them wealthy.

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Patrick

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