- The LETSGO coin surged by 75 percent with a market value of $570 million.
- It is a meme coin named after the slogan used to criticize US President Joe Biden.
It has been alleged that Republican North Carolina Representative Madison Cawthorn was engaged in an illegal pump and dump operation with the cryptocurrency Lets Go Brandon (LETSGO). It is a meme coin named after the slogan used to criticize US President Joe Biden, which James Koutoulas pioneered. Cawthorn has been charged with involvement in an alleged insider trading scheme involving the short-lived crypto project by many regulatory bodies.
Insider Trading
Interestingly, NASCAR driver Brandon Brown announced on December 30th that the Lets Go Brandon crypto project would be his primary sponsor for the 2022 season. The LETSGO coin surged by 75 percent with a market value of $570 million after the news. But in January of 2022, NASCAR turned down Brown’s sponsorship deal with the project. As a result, insiders who had purchased a substantial quantity of the cryptocurrencies in circulation quickly sold them all.
Consequently, the meme coin’s value fell to zero, leaving investors despondent. A dissatisfied investor has launched a class-action complaint against Koutoulas and other Let’s Go Brandon insiders, alleging that they utilized the token to organize a pump-and-dump scheme. A project supporter who helped raise the project’s price just before it was dumped was identified as Cawthorn, even though he wasn’t named as a defendant in the case.
Watchdogs interviewed in the report said that Cawthorn had given non-public information about LETSGO’s relationship with Brown, which explains his post and feelings. As a result, they called for an investigation into whether Cawthorn had violated any federal insider trading laws by the Department of Justice and the Securities and Exchange Commission (SEC).
