Steve Bannon Is in Trouble, and It Has Nothing To Do With Epstein
Quick Read
Summary
Takeaways
- ❖Steve Bannon and Boris Epshteyn are facing a lawsuit over their management of the FJBcoin cryptocurrency, with investors claiming fraud.
- ❖The FJBcoin, based on the 'Let's Go Brandon' meme, allegedly promised 5% of transaction fees to conservative charities but failed to deliver.
- ❖Bannon has a history of similar alleged scams, including the 'We Build the Wall' campaign where he was accused of diverting funds for personal use.
- ❖The meme coin market is largely unregulated, making it vulnerable to schemes and difficult for investors to recover losses.
- ❖Bannon's political influence is hard to gauge, but his recent ties to Jeffrey Epstein are causing some conservatives to distance themselves from him.
- ❖Internal conservative figures, like Roger Stone, are using Bannon's Epstein connections to settle old feuds.
Insights
1FJBcoin Lawsuit Exposes Alleged Cryptocurrency Fraud
Steve Bannon and Boris Epshteyn are being sued over their involvement with FJBcoin, a cryptocurrency designed to capitalize on anti-Biden sentiment. Investors claim the coin, which promised 5% of transaction fees to conservative charities like the Wounded Warrior Project, failed to deliver on these donations, with only minimal, poorly documented contributions made. Discord chats among coin administrators reportedly show concerns about $2.7 million missing.
A lawsuit filed last week details Bannon and Epshteyn's stewardship of FJBcoin. Investors reported that the promised 5% charitable contributions were largely unaccounted for, with only a $500 check and vague, undated screenshots provided as proof. Internal Discord messages from coin administrators expressed alarm over 'missing $2.7 million' and Bannon and Boris 'flushing our money down the toilet.' The coin's name was changed from FJBcoin to 'Patriot Pay' before wallets were frozen in February of last year, trapping investor funds.
2Bannon's History of Alleged Financial Scams
The FJBcoin lawsuit is not an isolated incident for Steve Bannon. He was previously indicted by the Trump Justice Department for his role in the 'We Build the Wall' campaign, where he and Brian Kolfage allegedly raised money to build sections of the border wall but diverted funds for personal expenses, including boats. Bannon was pardoned by Trump but later pleaded guilty to a state felony.
Bannon teamed up with Brian Kolfage for the 'We Build the Wall' campaign. They were indicted by the Trump Justice Department for diverting funds for personal expenses. Bannon received a presidential pardon but later pleaded guilty to a state felony.
3Meme Coin Market Lacks Regulation, Prone to Scams
The meme coin industry is characterized as the 'wild west' due to its lack of regulation. This environment makes it easy for figures like Bannon to launch ventures that are essentially 'terrible investments' with little oversight, leaving investors with no recourse beyond civil lawsuits.
The host states the memecoin industry is 'absolutely the wild west' with 'almost no regulation.' Will Summer adds that 'at best you could have a civil lawsuit,' but fundamentally, these are 'obviously a terrible investment.'
4Bannon's Diminishing Political Influence and Internal Opposition
Steve Bannon's current political influence within the Trump orbit is difficult to ascertain. While he maintains an engaged audience through his 'War Room' podcast, his recent ties to Jeffrey Epstein, revealed through emails showing Bannon's continued association with Epstein even as others distanced themselves, are making him a liability. Some conservatives are openly calling for Bannon to be marginalized, and long-time rivals like Roger Stone are using the Epstein revelations to undermine him.
The host questions Bannon's current influence, noting his podcast 'War Room' but suggesting his 'actual level of influence is unclear.' The 'Epstein aspect' makes him a liability, as 'the Trump White House doesn't need any more like a new Epstein story.' Some 'MAGATypes' are pointing to Bannon's constant consulting with Epstein and his alleged involvement in a documentary and even a plot against the Pope with Epstein, suggesting he be 'send him to the outskirts of conservative thought.' Roger Stone is leveraging the Epstein files to attack Bannon, framing himself as 'Mr. Clean' by comparison.
Lessons
- Exercise extreme caution when considering investments in meme cryptocurrencies, especially those promoted by political figures with a history of financial misconduct.
- Thoroughly research the legitimacy and regulatory compliance of any investment, particularly in unregulated markets like meme coins, to avoid potential scams.
- Be skeptical of promises of charitable donations tied to speculative investments, and demand clear, verifiable evidence of funds being allocated as advertised.
Quotes
"Bannon was pardoned, um, and ultimately plead guilty to a state felony, kind of a minor charge. Um, but yeah, I mean, the money, you know, it was, at least on Coasia's part, was was sort of spent on his personal expenses."
"The memecoin industry is absolutely the wild west. There's just it to me and I'm not I I I admit I have very limited familiarity with it. I don't invest in any meme coins, but to me there's almost no regulation other than people looking at and saying this is full of and that's not regulation that would prevent people like Bannon from doing these types of things."
"Bannon is a guy who has made a lot of enemies. Uh, one of them being Roger Stone, uh, who has sort of emerged. I mean, all these like these decades long feuds essentially. Um, and in this case, uh, Roger Stone is like, well, well, well, look who got caught in the Epstein files, you know, my old archeneemy, you know, and by comparison, you know, he's Mr. Clean."
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