A class-action lawsuit has been filed against former Olympian Caitlyn Jenner by JENNER memecoin buyers accusing her of making false promotional statements.
Allegations Against Caitlyn Jenner
Filed in California federal court on November 13, the lawsuit accuses Jenner and her manager Sophia Hutchins of marketing JENNER as an unregistered security. Plaintiffs Naeem Azad and Mihai Caluseru claim they lost over $56,000, having been misled by Jenner's promotions.
History of JENNER Token
The JENNER token was launched on Solana in May, quickly becoming embroiled in controversy. Allegations of misconduct against a collaborator led to its relaunch on Ethereum, but the token saw a steep decline in popularity and value, dropping to $170,000 with just $1.80 in trading volume.
Current Situation and Lawsuit Ramifications
The lawsuit claims Jenner ceased actively promoting the project, migrating the token to Ethereum without adequately disclosing a 3% transaction fee. Allegations also include insufficient transparency about her holdings and personal dealings.
This lawsuit highlights the necessity for transparency and accurate information in the promotion of cryptocurrencies and related products, with significant implications for the industry.
