Bannon and Epshteyn Face Fraud Allegations Over Defunct 'Patriot Pay' Crypto

A proposed class action lawsuit has been filed in Washington D.C. federal court against former Trump adviser Steve Bannon and Boris Epshteyn, alleging they defrauded retail investors through a politically branded cryptocurrency token.

The token, originally called Let's Go Brandon Coin but later rebranded to Patriot Pay, was marketed as decentralized but allegedly became centralized under the defendants' control in 2021. They secretly acquired control of the project from its original creator and structured the deal so that retail investors' transaction fees financed their takeover.

Barr alleges they publicly presented themselves as mere 'supporters' and 'advocates' of the project, despite holding insider authority over the token's smart contract, fee routing, and key wallets. The complaint claims they misrepresented the token's purpose as a censorship-resistant alternative to traditional banking, designed to avoid 'de-banking' or political retaliation through the financial system.