Jenner along with her insiders have reportedly gotten earlier and cheaper tokens as compared to normal people.
The lawsuit filers have claimed that Jenner had not registered the token with the Securities and Exchange Commission which eventually resulted in facing significant losses by the buyers.
The JENNER token is the official memecoin project which was first introduced on Solana by the memecoin maker Pump(dot).fun. Soon after the launch, the token was surrounded by controversy.
An American media personality and former Olympic gold medal winner, Caitlyn Jenner has faced a lawsuit from a group of memecoin buyers. The famous media personality has been claimed to be selling the celeb token as a form of unregistered security.
On November 13, a complaint was filed in California federal court by Naeem Azad and Mihai Caluseru who alleged the media personality along with her manager Sophia Hutchins deceptively requested financially innocent investors mainly from the United States and all over the world to buy the unregistered securities.
In the lawsuit, both filers have stated that they have lost over $56,000 after purchasing JENNER on Ethereum and Solana. They claimed that Jenner had not registered the token with the Securities and Exchange Commission which eventually resulted in facing significant losses by the buyers.
The JENNER token and the controversy
The JENNER token is the official memecoin project which was first introduced on Solana by the memecoin maker Pump(dot).fun. Soon after the launch, the token was surrounded by controversy as Jenner and other celebrities said that the other partner Sahil Arora scammed them. After the peak of this controversy, the token was relaunched on the Ethereum blockchain.
The lawsuit has also mentioned that as soon as the Solana token was introduced, the media personality started praising its price and market capitalization aims. Arora reportedly sold the majority of the token owned by him which the suit mentioned was the specific risk that Jenner had a responsibility to make her investors alert of when she was requesting their buying, which she bullheadly failed to do for her profits.
Jenner has mislead and hid the information
Both the filers, Azad and Caluseru, have claimed that after the reintroduction of the token on the Ethereum blockchain the worth of the original Solana token was collapsing but had put a 3% tax over every transaction. And, this information misled the investors and was never revealed properly by Jenner but was sufficient to fill the pockets of the former Olympian.
They further went on to claim that this smashed securities laws and Jenner had also used profits from the token to register over leading exchanges and guaranteed token buybacks, which never happened actually. The filing says that Jenner purposely removed some information like the capital and cost of her along with her insider’s token holdings.
Jenner along with her insiders have reportedly gotten earlier and cheaper tokens as compared to normal people. Who is the lawyer of Jenner and defending her is not clear yet. And Jenner has not stated anything about the matter.
