Caitlyn Jenner has been sued by investors over her $JENNER cryptocurrency project.
Caitlyn Jenner Hit With 97-Page Lawsuit After Investors Lose $40,000 In her 'Pump and Dump' Scheme
Caitlyn Jenner is facing a class action lawsuit after being served with a 97-page complaint over her $JENNER meme coin. According to TMZ, investors claimed they were lured into a "celebrity-fueled crypto cash grab" that left them with significant losses.
According to the filing, investor Lee Greenfield claimed that Jenner and her manager, Sophia Hutchins, promoted the coin as a long-term project. The suit alleged that Jenner used her platform to push slogans like "We're sending this coin to the moon!!!" and used MAGA messaging to attract buyers.
Greenfield also claimed he lost more than $40,000 when the token's value dropped.
What is The Whole Lawsuit About?
The lawsuit gained further weight after Jenner reportedly began promoting a separate coin called $BBARK just days after the first launch. According to the filing, that move caused the original $JENNER token to lose 75 percent of its value.
Plaintiff Lee Greenfield claimed that he lost more than $40,000 in the meme coin.
The lawsuit also alleged that the project was affected by internal issues, including allegations against Sahil Arora, who helped launch the coin, according to TMZ. Jenner later publicly called Arora a "scammer" on social media.
Investors argued that Jenner "misled" the public and told buyers she was "solely focused" on the coin while people behind the scenes were allegedly profiting.
With the lawsuit, investors are seeking their money back along with additional damages, claiming the "pump and dump" scheme was a betrayal of their trust.
Beyond her athletic career and reality TV fame on Keeping Up with the Kardashians, Jenner has also been vocal about her political views. The meme coin venture added a new dimension to her public profile.
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Caitlyn Jenner Was Sued For Meme Coin Securities Fraud
The current lawsuit is the latest in a series of legal challenges tied to the $JENNER token. In 2024, Jenner was sued for securities fraud after investors lost significant sums in the coin. Plaintiffs Nazeem Azad of the United Kingdom and Nihai Caluseru of Romania filed a class action lawsuit against Jenner and Hutchins after jointly investing $56,000 while the coin was on the Solana blockchain.
The $JENNER coin was later relaunched on Ethereum. Both plaintiffs claimed that had it not been for "the false and misleading statements and omissions made by Jenner," they would not have invested.
Their lawsuit stated, "Because this type of digital asset is properly classified as a security under federal and California law, before offering $JENNER for sale to the public, Jenner was required to file registration statements with the United States Securities and Exchange Commission, and to comply with all federal and state securities laws, which she willfully failed to do."
The $JENNER coin initially debuted on the Solana blockchain in May 2024 via the platform Pump.fun before being relaunched on Ethereum. Many investors alleged that the relaunch damaged the value of the original Solana version, according to Daily Coin.
In September 2024, Jenner drew criticism after responding dismissively to a person who said they had lost their life savings investing in her meme coin. She wrote, "Why would you put your life savings into a meme coin? Sorry you don't believe in me anymore but it's all good! We aren't going anywhere."