Caitlyn Jenner just dodged a bullet in court. A federal judge in California tossed out a class-action lawsuit accusing her of crypto fraud related to her memecoin, $JENNER.
But don’t pop the champagne just yet, because the judge gave the plaintiff a chance to come back with a stronger case by May 23. So, this fight ain’t over at all.
Buy my sh*tcoin?
The lawsuit came from Lee Greenfield, who claims he lost over $40,000 holding $JENNER tokens between May and July last year.
And he wasn’t alone, others alleged Jenner and her business partner Sophia Hutchins played a fast one on investors.
The accusations? Jenner launched the $JENNER token first on Solana, then rolled out an identical token on Ethereum two days later, causing the original to tank.
And if this isn’t enough, Jenner was busy promoting another token named after her dogs, $BBARK, all while assuring fans she was fully focused on her own coins.
Greenfield also claimed Jenner was raking in a sweet 3% fee on every transaction of the Ethereum version of $JENNER.
Sounds like a classic celebrity crypto hustle, hype it, cash in, leave the little guy holding the bag.
This is America?
But here’s where the judge slammed the brakes. U.S. District Judge Stanley Blumenfeld Jr. said the plaintiff didn’t show enough proof that Jenner’s token sales happened on U.S. soil or that she broke U.S. securities laws.
Without that, the court can’t just jump in and say, you’re guilty. The lawsuit lacked details on how and where the token purchases were made, making it impossible to reasonably infer Jenner’s legal liability under American law.
So, the case got dismissed, but with a twist. The judge gave Greenfield a deadline to file a new complaint with better evidence. Jenner and Hutchins have until June 6 to respond if that happens.
Play stupid games…
This isn’t the first time Jenner’s crypto ventures have stirred up some drama.
The $JENNER token launched with a bang, hitting a $43 million market cap, but crashed hard after allegations surfaced that a shady promoter named Sahil Arora pulled a classic pump-and-dump scam.
Jenner herself claimed she was scammed by Arora, but kept pushing the token despite the chaos.
This story is a textbook example of the drama that is celebrity-backed memecoins. Flashy launches, big promises, quick crashes, and lawsuits flying faster than you can say memecoin.
If you’re thinking about jumping into these waters, maybe keep your life jacket handy.
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