Brandon Brown<\/a> was interviewed after his win in October 2021 when the crowd began chanting, \u201cF*** Joe Biden\u201d which the TV reporter mistakenly heard as, \u201cLet\u2019s go, Brandon!\u201d It went viral.<\/p>\n\n\n\nThe phrase was written on a sign James Koutoulas used for his Halloween costume and it caught Alex Mascioli\u2019s attention, the lawsuit said.<\/p>\n\n\n\n
\u201cThis needs to be a coin,\u201d Mascioli told Koutoulas, according to the lawsuit.<\/p>\n\n\n\n
\u201cMascioli then sought out a cryptocurrency developer \u2018immediately\u2019 to help create the LGB Token. Sometime between October 28, 2021, and November 4, 2021, all 330 trillion LGB Tokens were minted,\u201d according to the suit. \u201cAt its height, LGB Tokens reached a market value of more than $570 million with a liquidity pool of $6.5 million.\u201d<\/p>\n\n\n\n
When the coins launched, LGB Tokens heavily promoted its relationship with Brown and NASCAR \u2014 which the lawsuit says was meant to entice investors. Republican political commentators and officials from Congressman Madison Cawthorn to Candace Owens kept highlighting the coins, too.<\/p>\n\n\n\n
By the end of 2021, Brown and LGB Tokens teased a big announcement that the company was going to be Brown\u2019s full-season primary partner for the 2022 NASCAR Xfinity Series season. They announced the new sponsorship on Dec. 30, and the coins spiked on Jan. 1 \u2014 up 510% from their initial price, the lawsuit said.<\/p>\n\n\n\n
But it was all short-lived. NASCAR later reversed its decision despite prior approval by an employee, the lawsuit said, and Brown couldn\u2019t be sponsored by the LGB Tokens anymore. The coins\u2019 value plummeted.<\/p>\n\n\n\n
Even though the NASCAR sponsorship was not going through, both the LGB Token company leaders and Brown \u201ccontinued to promote LGB Tokens to prop up the price of the LGB Tokens while NASCAR backed out of its Sponsorship approval,\u201d the lawsuit said.<\/p>\n\n\n\n
The company sent out a Jan. 7 news release that it was still offering Brown an exclusive, two-year sponsorship agreement. On its website, however, the company noted the sponsorship was contingent on NASCAR approval, the lawsuit said, which also accused NASCAR of not doing enough to distance itself from LGB Tokens.<\/p>\n\n\n\n
Meanwhile, the company kept promoting its currency as the value crashed.<\/p>\n\n\n\n
\u201cOn January 27, 2022, in an attempt to keep investors from selling any more LGB Tokens, the Company\u2019s Twitter account posted, \u2026 \u201cSometimes you just need to have faith and HODL\u201d which commonly means hold on for dear life, the lawsuit said.<\/p>\n\n\n\n
The lawsuit, which seeks class-action status, names multiple defendants, including Koutoulas, Mascioli, and other LGB Coin executives, consultants, and promoters as well as NASCAR and Brown.<\/p>\n","protected":false},"excerpt":{"rendered":"
Editorial Florida\u2019s Voice is owned by Brendon Leslie. Leslie starts he is the Founder and Editor-in-Chief of Florida\u2019s Voice. He left his job as a reporter in mainstream media because… <\/p>\n","protected":false},"author":8,"featured_media":54572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[1570],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54570"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=54570"}],"version-history":[{"count":1,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54570\/revisions"}],"predecessor-version":[{"id":54573,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54570\/revisions\/54573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/54572"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=54570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=54570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=54570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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