30s Summary

Investors Naeem Azad and Mihai Caluseru are suing Caitlyn Jenner for allegedly selling unregistered “memecoins” causing a loss of over $56,000. Jenner launched the JENNER token on Solana, later moving it to Ethereum after a controversy. The Ethereum JENNER coin has lost almost all of its value. The lawsuit alleges Jenner made false promises about the token’s future value and unethically withheld vital investment information, violating financial regulations. Accusations of securities and common law fraud against Jenner and her manager, Sophia Hutchins, are also part of the lawsuit. So far, Jenner has not responded.

Full Article

A group of investors in memecoins (or joke crypto tokens) have decided to sue Caitlyn Jenner. They claim Caitlyn sold the celebrity crypto token without officially registering it. The buyers are two guys from UK and Romania, Naeem Azad and Mihai Caluseru, who say they were swindled by Jenner and her manager, Sophia Hutchins.

According to the dudes, Jenner tricked less experienced investors in the US and worldwide into buying the unregistered tokens. They reckon they lost over $56,000 on Jenner crypto tokens, and they wouldn’t have bought them if Jenner hadn’t allegedly misled them.

The guys are saying Jenner purposely didn’t register the crypto token with the financial authorities, and they lost a lot of money because they didn’t have all the info they needed before investing. They think Jenner should have shared this info if the token had been properly registered.

The JENNER token was first rolled out on Solana through Pump.fun, a memecoin generator, back in May. But only a while after, it sparked a scandal when Jenner and other big shots said they got ripped off by a collaborator called Sahil Arora. Jenner then decided to relaunch the crypto token on a different platform, Ethereum.

The Ethereum version of JENNER coin hasn’t had much luck either – it pretty much lost all its value after it was started. Its price crashed to a record low recently, and its worth dropped from nearly $7.5 million to only $170,000. People are hardly trading it anymore – it had only $1.80 in trades the other day.

Apparently, Jenner has all but packed up the whole project and has stopped promoting the memecoin. This has left the token holders taking some heavy financial hits, and the guys don’t think they can get their money back.

The lawsuit also states that soon after the Solana token was introduced, Jenner started making big promises about its future price and market value. Then, things went downhill after Arora sold loads of his own tokens, a risk the guys argue Jenner should have flagged to investors but didn’t, for her own financial gain.

Jenner relaunched the coin on Ethereum, which the guys say made the original Solana token’s value crash. They have accused her of slapping on a 3% ‘tax’ on each trade, something they reckon she’s never openly admitted but has made her wealthier.

According to the guys, all this breaks financial rules because Jenner allegedly used the token profits to get it listed on exchanges and promised to buy back tokens. They reckon none of this actually happened, leading to more losses.

The guys also suggest that Jenner deliberately left out important info, like how much and at what price she and other insiders bought their tokens for. The lawsuit also accused Jenner of securities and common law fraud, and levelled similar accusations at Hutchins.

As of now, we don’t know who Jenner’s lawyers are. She hasn’t commented on the matter yet, and neither has Hutchins responded.