LGB Pump and Dump: Was Congressman Madison Cawthorn Involved?
2022.04.28 19:14
LGB Pump and Dump: Was Congressman Madison Cawthorn Involved?
- US Congressman Madison Cawthorn could find himself in an orange jumpsuit.
- There are speculations about him being involved in a crypto pump and dump scheme.
- The investigation is underway to see if he was involved in insider trading.
On Tuesday, it was reported by the Washington Examiner that multiple watchdog groups accused US Congressman Madison Cawthorn of being involved in a crypto pump and dump scheme. The scheme involved the cryptocurrency Let’s Go Brandon (LGB).
To bring readers up to speed: toward the end of last year, the slogan “Let’s Go Brandon” became viral following an interview with NASCAR driver Brandon Brown. The interviewer thought the crowd was chanting “Let’s Go Brandon” when instead, it was an anti-Biden slogan involving foul language. Since then, the slogan “Let’s Go Brandon” was synonymous with anti-Biden pro-Trump political rallies.
Using this viral moment as inspiration, crypto enthusiasts created the cryptocurrency LGB and attempted to sponsor the driver’s racing team.
Cawthorn also promoted the coin actively on his social media handles. And on December 29, he had posted “LGB legends. … Tomorrow, we go to the moon!” on his Instagram page. The next day, the NASCAR driver said LGB would be his primary sponsor.
And as expected, the value of the currency skyrocketed overnight. The buzz around the announcement propelled the coin to soar 75% and quickly achieve a market cap of $570 million.
However, at the end of January, the coin’s value plummeted after NASCAR outright rejected the sponsorship. But by this point, insiders had acquired the majority of coins and dumped them all.
The question here is whether Cawthorn is one of these insiders. Cawthorn has had his fair share of controversies over the years. From lying in his biography, sexual assault allegations, being involved in the January 6 events, to even bringing a loaded gun onto a plane, Cawthorn has it all.
However, this time, if it comes to light that the young congressman purchased LGB coin before Dec. 30, and knew about the NASCAR issue, it will be construed as insider trading and Cawthorn could find himself facing jail time.
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