Bannon and Epshteyn Accused of Defrauding Investors Through Patriotic Crypto Token

A proposed class action lawsuit has been filed in Washington, D.C. federal court against Steve Bannon and Boris Epshteyn, accusing them of defrauding retail investors through a politically branded cryptocurrency token called Patriot Pay.

The token was originally called Let's Go Brandon Coin and later rebranded to Patriot Pay. According to the lawsuit, Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator and used retail investor transaction fees to finance their takeover.

Despite holding insider authority over the token's smart contract, fee routing, and key wallets, the defendants publicly presented themselves as mere 'supporters' and 'advocates' of the project. The complaint alleges that they told buyers the token offered a censorship-resistant alternative to traditional banking.

The lawsuit claims that the token's value steadily declined due to lack of meaningful promotion and alleged mismanagement of investor funds. Charitable donations that were promised as part of the token's fee structure could not be accounted for, the suit claims. In February 2025, the defendants disabled trading, announced the project's closure, and promised liquidity distributions that never materialized.