Rep. Madison Cawthorn appears to be at the center of another controversy — this time alleging that he was involved in hyping up the meme coin Let's Go Brandon (LGB).
What Happened: According to a report from the Washington Examiner, Cawthorn stands accused of violating insider trading laws involving LGB tokens.
LGB is a token built on the Ethereum (CRYPTO: ETH) blockchain by creators who sought to make fun of U.S. President Joe Biden.
After soaring in value in November and December, the coin lost 99.5% of its value and is currently trading around $0.000000001102.
See Also: Patriotic' Meme Coin 'Let's Go Brandon' Sees Another 19% Slump After Donald Trump's Endorsement
"LGB legends. ... Tomorrow we go to the moon!" Cawthorn said in an Instagram post dated December 29, featuring him and LGB creator James Koutoulas.
A day later, LGB skyrocketed 75% after NASCAR driver Brandon Brown announced that LGB would be the primary sponsor of his 2022 season.
Multiple watchdog groups told the Washington Examiner that Cawthorn may have had “advanced nonpublic knowledge” of LGBCoin's deal with Brown prior to the announcement.
Craig Holman, a government affairs lobbyist for Public Citizen, posited that Cawthorn could be looking at jail time if he purchased the coin before December 30.
Cawthorn had publicly stated that he owned LGB before December 30 and continues to promote the token across social media platforms and various campaigns.
Amazing to see Patriots like this shouting us out!@jameskoutoulas and @CawthornforNC going strong at this weekend American Freedom Tour event in Fort Lauderdale!#letsgo #AFT #Freedom pic.twitter.com/jhtXP8nXjt
— LetsGo Brandon (@LetsGo) March 22, 2022
Photo courtesy: Gage Skidmore on Wikimedia
