As a seasoned analyst with years of experience in the turbulent world of cryptocurrencies, I find myself constantly navigating the murky waters of market manipulation and regulatory compliance. The recent class-action lawsuit against Caitlyn Jenner by buyers of the JENNER memecoin is yet another reminder of the challenges that investors face when diving into this unpredictable market.
A group of people who purchased the JENNER memecoin have initiated a collective legal action against Caitlyn Jenner. They allege that the former Olympian made untrue and deceptive claims about the token during its promotion.
The legal claim, filed in a federal court in California on November 13, accuses Jenner and her manager, Sophia Hutchins, of promoting JENNER as an unregistered investment opportunity without proper authorization. They are said to have convinced unsuspecting investors both within the U.S. and overseas to buy the token by doing so.
As reported by Bloomberg Law, individuals Naeem Azad from the UK and Mihai Caluseru from Romania, collectively, incurred a loss of more than $56,000 when they purchased JENNER tokens on both the Ethereum and Solana blockchain networks.
Individuals claim they were enticed by Jenner’s promotions, and if they had been informed truthfully about the token’s risks and its SEC registration status, they would not have made their investments.
The JENNER token initially launched on Solana in May via memecoin platform Pump.fun, but faced immediate controversy. Jenner and other prominent figures alleged misbehavior from collaborator Sahil Arora in a different matter, leading to the token’s subsequent relaunch on Ethereum.
Despite the Ethereum-backed JENNER token initially gaining significant attention and value, reaching a peak of $7.5 million, it unfortunately did not sustain its popularity. By November 13th, its value had dropped dramatically to $170,000, with only $1.80 worth of trades being made that day.
After the legal action, the value of the token initially fell, but it bounced back quite impressively but remarkably, increasing by nearly 75% within a day, signifying a significant shift in the market.
As a crypto investor, I’ve found myself in a predicament due to my involvement with a memecoin project that Kylie Jenner was involved with. According to the ongoing lawsuit, it seems she has largely stepped away from the project, leaving little promotion and engagement. This supposed lack of activity appears to have resulted in significant losses for investors like me.
Furthermore, the lawsuit asserts that Jenner concealed information about her investments, her ties with Arora, and earnings applied toward exchange placements and purported token repurchases that did not occur as stated.
The parties bringing the lawsuit assert that they are entitled to compensation due to claims of securities fraud, general fraud under common law, and aiding and abetting fraud against Hutchins. However, neither Jenner nor her spokespeople could be reached for a response at the time of reporting.
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2024-11-14 12:10