The former adviser of former US President Donald Trump, Steve Bannon, is facing backlash because of the plummeting value of the Freedom Jobs Business (FJB) token. In the last 13 months, this token has plunged by over 95%, and the promoters are no longer actively involved, raising questions of whether it was a rug pull.
Steve Bannon’s FJB MAGA coin plunges by over 95%
The early days of the FJB cryptocurrency were marked by a relentless push by the owners, Steve Bannon and Boris Epshteyn. A report by ABC News noted that the two worked relentlessly to keep this project afloat. However, investors are now complaining about the project’s mismanagement and the failure of Bannon and Epshteyn to keep their promises.
JUST IN: A year after Trump allies Steve Bannon and Boris Epshteyn took over the $FJB cryptocurrency project, some MAGA buyers say the pair has misled them with false promises. https://t.co/eVSgq7GzZJ
— ABC News (@ABC) February 23, 2023
In December 2021, ABC News obtained a contract showing that Bannon and Epshteyn received “control, administration, and governance” over the token. Before the two acquired the token, it allegedly had a market capitalization of $90 million. Shortly after the two acquired the project, FJB made a significant spike.
However, the two allies of the former US President raised concerns about the steady plunge in FJB’s value and the lack of transparency. They also complained about the possibility of the two taking money from investors and disappearing.
FJB not only promised solid returns to investors but also offered a commitment to sending part of the transaction fees to veteran groups and charity causes. Some charities that Bannon had promised to donate to include the Wounded Warrior Project. However, the organization has not received any money from FJB.
There are also claims that part of the funds intended for charity causes was missing, raising concerns over whether the project was a scam. One of the project’s administrators shared a message on Discord refuting claims that money was stolen. However, the administrator said the funds were not used for the intended purpose.
The administrator said,
We’re saying the funds are missing. They did not go to the purpose they were intended for, and that’s as far as we’ll speak on.
It is not the first time Bannon has faced criticism over his dealings in the financial sector. Before Trump left office, he had pardoned Bannon over charges of fraud and money laundering after reports that Bannon received over $1 million intended for the “We Build The Wall Campaign.” A law firm representing Bannon is also suing him for nearly $500,000 worth of unpaid legal bills.
US politicians venture into crypto
The release of the FJB token by Bannon adds to the growing list of the US political class who have shown interest in the crypto sector. Former US President Donald Trump released a collection of non-fungible tokens (NFTs) that sold out in less than 24 hours. However, the prices of this collection have since plummeted.
The former CEO of the FTX exchange, Sam Bankman-Fried, is facing charges of conspiracy to commit campaign fraud. Bankman-Fried reportedly made numerous donations to US election campaigns. The FTX bankruptcy committee has since urged all election candidates who received money from FTX to return the funds.
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