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Memecoin “Let’s Go Brandon” Faces Lawsuit over Alleged Pump & Dump Scheme 

Developers of the meme token, “Let’s Go Brandon”, have been accused of robbing investors via a pump-and-dump scheme. 

Eric De Ford, a supposed victim of the scam, filed a lawsuit against the LGB creators for unlawfully manipulating prices. LGB creators allegedly maneuvered prices to their advantage by inciting a price pump, before selling off their assets shortly after. Accusers claim that the defendants walked away with significant profits while leaving other unsuspecting investors in the red.

Hence, Ford filed a class-action suit in Florida alleging the founders of the LGB token perpetuated a pump-and-dump scheme. 

Based on the contents of the lawsuit, Eric’s case is not only against the token and its associated company LGBcoin.io. The plaintiff also sues other supposed “enablers” in the pump and dump scam. Other actors dragged into this classic lawsuit include NASCAR and its affiliated driver Brandon Brown, Brandonbilt Motorsport, and public commentator Candace Owens.

The plaintiff accused the aforementioned parties of conniving to seize control of LGB assets. Eric claimed that the defendants used their influence to encourage investments in the token through false promises and misleading comments. 

LGB Token Origins

The history of this lawsuit goes back to an interview with NASCAR racer, Brandon Brown. Following the star’s victory and a subsequent interview, spectators hurled unflattering chants at US president: “F*ck Joe Biden”. However, the interviewer mistook the crowd’s words for “Come on, Brandon”.  

Soon the misinterpreted phrase evolved to its now-viral version on Twitter and Reddit: “Let’s go, Brandon”.  It wasn’t particularly surprising when LGB developers took advantage of the phrase’s popularity to create an eponymous token.

Alleged Tricks Employed by Coin Developers

For the founding company of the LGB token, the lawsuit tackles them on the grounds of creating an artificial price surge.  Additionally, the lawsuit claims LGB announced a sponsorship deal with Brandon – a strategic move to increase interest in the token. For example, LGB’s price shot up more than 500% following its supposed collaboration.

NASCAR claims that they prohibited the partnership between LGB and Brandon. However, the lawsuit insists on their involvement with the scam. It asserts that besides making a public announcement, NASCAR made no serious action to end the deal or denounce any ties to the LGB project.

Despite NASCAR’s claim that it tuned down an LGB sponsorship proposal, LGB’s campaign for more investors persisted. However, the coin’s price eventually started to slide downwards at the beginning of this year. Additionally, LGB’s tweet on the 27th of January wasn’t exactly reassuring for holders.

Don’t PanicSometimes you just have to have faith…” – seemingly common tropes in meme coin communities. 

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