Caitlyn Jenner, former Olympic champion and TV star, found herself at the center of a scandal over promoting the memecoin JENNER. A group of buyers who lost money on this cryptocurrency filed a class-action lawsuit in a California court. However, social media users noted they were not surprised by the incident and called for other “crypto” celebrities to be held accountable as well.
What happened
The plaintiffs, Naeem Azad and Mihai Caluseru, claim they lost more than $56,000 buying JENNER. The lawsuit alleges that Jenner and her manager Sophia Hutchins "deliberately misled financially inexperienced investors" by promising an increase in the token's value, which never materialized.
Launched in May on Solana through the Pump.fun platform, JENNER first faced accusations when Jenner’s associates alleged fraud by partner Sahil Arora. Subsequently, the memecoin was relaunched on Ethereum, which, according to the plaintiffs, further devalued the original token.
The token reacted accordingly to the news of the lawsuit. Over the past 24 hours, its value dropped by 24.08% to $0.000294. At its peak in February 2024, one JENNER token was worth $0.006091, indicating a decline of nearly 96%. Additionally, the project’s capitalization, which previously reached $7.5 million, has now fallen to $285,700.
