Gate News message, April 29 — A class-action lawsuit alleges that Believe founder Ben Pasternak extracted $54 million in fees through a Launchcoin migration process, according to ChainCatcher. The suit claims the migration included a two-week window period that resulted in token holder dilution, while tokens missing the deadline were permanently destroyed.
The allegations further state that the operations involved wallets associated with insiders, raising concerns about potential conflicts of interest in the token migration process.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
World Liberty Financial Passes WLFI Unlock Proposal With 99.9% Support; Team Tokens Face Up to 5-Year Release
World Liberty Financial's early supporters and founding team token unlock proposal passed with approximately 99.9% approval. Under the plan, about 17.04 billion early supporter WLFI tokens will follow a 2-year cliff plus 2-year linear vesting schedule. Approximately 45.24 billion tokens for
GateNews4h ago
Bermuda Launches Onchain Economy Plan With USDC Airdrop to Boost Stablecoin Adoption
According to Premier David Burt, Bermuda is launching an 'onchain economy' plan aimed at integrating stablecoins into everyday commerce. The initiative includes a USDC airdrop and is designed to attract cryptocurrency firms while gaining support from
GateNews11h ago
Saylor backtracks, may sell BTC to pay dividends: Strategy’s Q1 loss is $12.5 billion
Strategy (formerly MicroStrategy, Nasdaq: MSTR) announced its 2026 Q1 financial results on May 5—driven by BTC’s price dropping to $62k at one point in February. The company recognized $14.46 billion in unrealized impairment; Q1 recorded a net loss of $12.54 billion. CEO Michael Saylor made his first hint during the earnings call: he may sell some BTC to fund a special-stock dividend. CoinDesk reported, citing Saylor’s exact words: “We will probably sell some bitcoin to pay a dividend just to i
ChainNewsAbmedia13h ago
Midnight NIGHT Token Reaches Top Five Most-Held on Cardano With 71,000 Holders
According to Cardanians, the Midnight NIGHT token reached the top five most-held tokens on Cardano with 71,000 holders on May 6, 2026. The token achieved this milestone through its unique distribution mechanisms, including Glacier Drop and Scavenger Mine, which aimed to ensure fair allocation and re
GateNews19h ago
Strategy May Sell Bitcoin to Fund STRC Dividends as Annual Obligations Reach $1.5B
According to its first-quarter 2026 earnings call, Strategy said it may sell bitcoin to fund dividend payments tied to STRC, its high-yield perpetual preferred stock, marking a departure from its long-standing "never sell" stance. Chairman Michael Saylor stated the company would use bitcoin sales as
GateNews19h ago
