Former Trump adviser Steve Bannon and political consultant Boris Epshteyn have become embroiled in a scandal surrounding the Lets Go Brandon token, later rebranded as Patriot Pay.
Investor Andrew Barr lead the class-action lawsuit, filing a complaint in the U.S. District Court for the District of Columbia on February 12. The defendants are charged with selling unregistered securities, misleading investors, and violating consumer protection laws.
Marketing Built on Ideology
The project was promoted via the WarRoom podcast as a vehicle for financial independence from banking pressure. The audience was promised a role in a movement against political repression.
According to the plaintiffs, Bannon and Epshteyn secretly gained control of the project as early as 2021. They invested no personal funds — the scheme relied entirely on transaction fees from ordinary participants.
The Technical Catch
The main grievance centers on the token’s architecture. While touting full decentralization, the creators left code mechanisms allowing for manual liquidity management. These “backdoors” enabled asset withdrawals at any time.
Consequences
In 2025, trading was halted and the project shut down. Investors never recovered their funds, and the promised charitable donations lacked documentary proof.
Analysts warn: leveraging political agendas in the crypto sphere often serves as a front for high-risk schemes, potentially pushing regulators to tighten rules.
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