Bannon and Epshteyn Sued Over Patriot Pay Cryptocurrency Scam

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

The token was originally called Let's Go Brandon Coin but was later rebranded. According to the complaint, Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator.

The deal allowed retail investors' transaction fees to finance the takeover, rather than using the defendants' own capital. Despite holding insider authority over the token's smart contract, fee routing, and key wallets, Bannon and Epshteyn publicly presented themselves as mere 'supporters' and 'advocates' of the project.

The lawsuit alleges that the token's value declined due to lack of meaningful promotion and alleged mismanagement of investor funds. Charitable donations promised as part of the token's fee structure could not be accounted for, according to the filing.