The LGB (Let’s Go Brandon) crypto token has undergone a class-action case, which mentions that the meme token’s developers as well as the other people misrepresented the respective digital token to falsely elevate the value thereof in advance of trading the share thereof to gain personal advantage. As a result, the launch of a court filing has been witnessed in Florida against the crypto token’s creators, who have allegedly been involved in a pump-and-dump scheme.
As per the 77-page long legal case, Eric De Ford (the plaintiff) sues, accusing that the pump-and-dump project was executed on the behalf of the LGB token’s creators as well as the company thereof called LGBcoin.io. The company enlisted Brandon Brown, Brandonbilt Motorsports, NASCAR, as well as the conservative figures like David J. Harris, Jr. and Candace Owens, along with the others.
The allegation is that they wrongly promoted the meme token on social media whereas hiding their ownership of significant asset amounts. As put by the complaint, the investors who bought the politically charged assets from 4th November of the previous year to 15th March of the current year, bought the respective assets at the time when it seemed that NASCAR would provide a green signal for the sponsorship of Brown by LGB token.
Nonetheless, they underwent substantial financial losses as a consequence of the purchases thereof during the fake inflated prices. The complaint added that the strategy of the defendants resulted in their success. The deceptive promotions as well as the celebrity testimonials played their part in artificially elevating the LGB tokens’ price at the respective time, pushing the investors to make more and more purchases.
An abrupt fall in the LGB token’s price
The value of the token declined by 63% from 30th December of the last year to 4th January of this year, when the officials from NASCAR asserted having diverted their minds regarding the developers of the coin for the support of Brown. The lawsuit reveals that the bubble of LGB – which assisted in elevating the token’s price by up to 500% – burst instantly following the withdrawal of NASCAR from accepting the sponsorship.
The construction of the LGB token is based on promotional and political marketing operations, which are mostly performed on the behalf of celebrities as well as the political commentators to deceive the novice investors into imagining that they would become rich by investing in the asset.