NASCAR in A Hot seat As Lawsuit for ‘Let’s Go Brandon’ Token Promotion Looms

by
Altcoins
NASCAR in A Hot seat As Lawsuit for ‘Let’s Go Brandon’ Token Promotion Looms

NASCAR driver Brandon Williams has been sued in a class action lawsuit filed in the State of Florida, regarding the right-wing linked cryptocurrency “Let’s Go Brandon.” It is alleged in the suit that Let’s Go Brandon is engaged in a pump-and-dump scheme, aided by various celebrities.

NASCAR Faces a Lawsuit for the Let’s Go Brandon token Promotion 

The “Let’s Go Brandon” (LGB) token alongside its promoters is being sued by Eric De Ford who alleges that the project, along with certain of its promoters such as commentator on political affairs Candace Owens and NASCAR driver Brandon Brown, presented ‘false or misleading statements about the cryptocurrency while disguising their control over the company and a number of thE LGB cryptocurrency. 

The plaintiffs state that the executives of the LGB token misrepresented that an individual investor would be able to gain significant profits from the LGB token as well as a number of other meme-coins. 

“Let’s Go Brandon” is a MAGA-themed meme coin that was recently given as a gift to former United States President Donald Trump by one of his right-wing fanatics, James Koutoulas. The gift to President Trump was in the form of 500 million tokens of a coin whose name was a phrase that was initially coded as an insult to President Joe Biden. 

LGB’s Journey to the Courtrooms

LGB started off meagrely as a misunderstanding at a NASCAR race in Alabama at the Talladega Superspeedway where driver Brandon Owen was interviewed and the crowd chanted “F*ck Joe Biden” which the interviewer mistook for “Let’s Go Brandon!” 

Indeed, such is the popularity of the slogan that Texas Senator Ted Crus even posed with a “Let’s Go Brandon” mask at the World Series while Republican Senator Jeff Duncan donned a “Let’s Go Brandon” face mask at the Capitol in mid-October 2021. 

Celebrities such as reality show superstar Kim Kardashian and boxing legend Floyd Mayweather Jr. are among the celebrities who took part in the promotion of the LGB token. 

Kim Kardashian on her part, according to the suit filed in the city of Los Angeles on the 7TH of January 2022, promoted the LGB token through her Instagram page where she boasts a following of 250 million through a post in June 2021 whereby wrote “Are you guys into crypto?”

Token Promotion Goes Sour 

While claiming she merely wanted to share what her friends had told her about the EthereumMax tokens, Kardashian included a disclaimer in her post that it did not constitute financial advice, the lawsuit claims. Floyd Mayweather, on the other hand, is said to have promoted the EthereumMax tokens by wearing the brand on his boxing trunks worn in a fight with renowned YouTube Star Logan Paul which was broadcasted in June 2021. 

Neither Kim Kardashian nor Floyd Mayweather has responded to the allegations, while EthereumMax, which was also named in the suit, responded with a statement that the narrative was based on misinformation and that they disputed the allegations presented against them. The suit is a class action and was filed by a New York resident who lost money as a result of purchasing EMAX tokens between mid-May and late June 2021. 

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.