Lawsuit Says Steve Bannon’s MAGA Crypto Left Investors Frozen, Millions Missing
Steve Bannon and longtime Trump ally Boris Epshteyn are being sued in federal court by investors who say a MAGA-branded cryptocurrency they promoted left funds frozen and millions missing.
The lawsuit filed Feb. 12 in U.S. District Court for the District of Columbia alleges Bannon and Epshteyn sold unregistered crypto tokens, initially marketed as Let’s Go Brandon Coin and later rebranded Patriot Pay, to a politically aligned audience without disclosing key risks and insider controls.
Plaintiff Andrew Barr, a Missouri resident, says he lost more than $58,000 on the token and that trading was disabled in early 2025 before liquidity distributions were ever made. The complaint claims roughly $2.7 million in transaction fees that were to be used for charity or promotion cannot be accounted for.
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Barr’s filing paints a picture of alleged misrepresentation and concealment, saying the memecoin was pitched as a decentralized, censorship-resistant alternative even though insiders held control over critical functions.
“The securities laws exist precisely to prevent influential insiders from exploiting trust … without transparency or registration,” the complaint states, according to Reuters.
The lawsuit seeks class-wide relief for thousands of retail investors across the U.S., alleging violations of federal securities, consumer protection and other laws.
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Bannon, Epshteyn and the entities named in the complaint have not yet filed a response, and no class has been certified by a judge.
If certified, the case could expose broader legal questions about the sale of politically marketed crypto and the promise of charitable fee structures that never materialize. What happens next is up to the federal court as motions and discovery begin in the coming weeks.
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