Caitlyn Jenner is facing a new class action lawsuit over her $JENNER meme coin, with investors accusing the reality star of participating in a celebrity driven crypto “pump and dump” scheme.
According to a 97 page court filing obtained by TMZ, a man identified as Lee Greenfield claimed Jenner and her manager, Sophia Hutchins, heavily promoted the cryptocurrency while encouraging followers to invest in what was allegedly presented as a long term project.
The lawsuit alleges Jenner repeatedly hyped the coin on social media with posts such as “We’re sending this coin to the moon!!!” and also linked the token to Donald Trump and MAGA themed messaging to attract buyers. Greenfield claimed the project quickly collapsed after Jenner allegedly shifted attention to another cryptocurrency called $BBARK just days after the launch of $JENNER.
According to the lawsuit, the sudden pivot caused the original token’s value to plunge by around 75 percent. The filing also references crypto promoter Sahil Arora, who allegedly helped launch the project before being accused of pulling money from the operation and crashing the token’s value.
The lawsuit claims Jenner later publicly described Arora as a scammer online but continued promoting other versions of the cryptocurrency afterward. Investors alleged Jenner continued assuring buyers the coin was legitimate and set to increase in value while individuals behind the project allegedly profited from fees and token sales.
Greenfield said he personally lost more than $40,000 after investing in the token. The plaintiffs are now seeking financial compensation, alleging they were misled into purchasing the cryptocurrency under false promises and promotional hype.
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