Caitlyn Jenner is facing a lawsuit regarding a meme coin, with investors seeking to recover their funds
The plaintiffs assert that the meme coin, endorsed by celebrities, fell apart following intense promotion and a swift decline in value.
Caitlyn Jenner’s cryptocurrency launch is now encountering legal challenges as investors claim that the former Olympian contributed to the downfall of a meme coin, which reportedly resulted in significant financial losses for many. The lawsuit focuses on the $JENNER token, a cryptocurrency endorsed by a celebrity that surged in popularity online last year before swiftly declining in value, further entangling Jenner in the expanding roster of public figures associated with crypto-related controversies.
A recently filed class action complaint reveals that investor Lee Greenfield accuses Jenner and manager Sophia Hutchins of promoting the coin as a legitimate long-term project while purportedly urging followers to buy into the hype. The lawsuit highlights social media posts in which Jenner allegedly informed her supporters that she was “solely focused” on the token and assured them, “We’re sending this coin to the moon!!!”
The complaint asserts that the project initially garnered attention by aligning itself with pro-Trump and MAGA messaging, a tactic that the plaintiffs contend successfully drew in politically aligned retail investors who were already engaged in speculative meme coin markets. Meme coins, in contrast to conventional cryptocurrencies like Bitcoin or Ethereum, tend to be influenced more by internet culture, celebrity interest, and viral trends rather than by foundational technology or practical use. The volatility has created a breeding ground for pump-and-dump allegations throughout the crypto industry.
The lawsuit additionally mentions crypto promoter Sahil Arora, who is said to have assisted in launching the token prior to facing allegations of depleting liquidity and causing its value to plummet. Jenner subsequently took to social media to publicly denounce Arora, labeling him a scammer. However, the plaintiffs contend that the promotion of alternative versions of the coin persisted even after trust in the project significantly declined.
Greenfield asserts that he personally incurred a loss exceeding $40,000 following his investment in $JENNER. Investors are currently pursuing damages, claiming they were deceived into purchasing a coin that swiftly plummeted after the excitement diminished, while insiders purportedly benefited from transaction fees and token sales.
The case contributes to the increasing legal examination of celebrity cryptocurrency endorsements, as several stars have encountered criticism for endorsing high-risk digital assets without adequately revealing financial agreements or investment dangers.
