$BELIEVE Token Lawsuit: Lee v. Pasternak
$BELIEVE token class action against Ben Pasternak. Burwick Law files Lee v. Pasternak lawsuit for $LAUNCHCOIN and $PASTERNAK holders.
Lee v. Pasternak, Case No. 1:26-cv-02368, is a class action filed on March 23, 2026 in the Southern District of New York alleging that Ben Pasternak and his companies engaged in deceptive and misleading conduct in connection with the $PASTERNAK, $LAUNCHCOIN, and $BELIEVE cryptocurrency tokens. The complaint names Pasternak, B24, Inc., and the Believe Foundation as defendants. Pasternak is the founder and CEO of the Believe platform, formerly known as Clout. B24 is the New York-based operating entity behind the platform, and the Believe Foundation controls the token treasury and buyback wallet.
According to the complaint, Pasternak launched the $PASTERNAK token on Solana in January 2025, telling consumers he had "0 ownership" in it. The token surged to eighty million dollars in market capitalization in a single day, then collapsed over 99%. Pasternak rebranded the platform to Believe, renamed the token $LAUNCHCOIN, and it reached a market cap exceeding two hundred forty million dollars in May 2025. Over the following five months, the complaint alleges, Pasternak made at least twelve public promises that a "flywheel" buyback mechanism would use platform fees to support the token's price. The buyback never came. The token declined over 99% while consumers held on.
The complaint alleges that on October 15, 2025, Pasternak announced a forced migration to a new $BELIEVE token that increased total supply by 33.3%, allocating the new tokens to insiders, while publicly describing the increase as 25%. Roughly forty million tokens were allegedly allocated to a foundation Pasternak controlled, immediately unlocked, on the same day he stated that "no individual or entity is getting coins for the next year at minimum." Consumers who failed to migrate within approximately two weeks permanently lost their holdings. The long-promised buyback finally launched on the last day of the migration window. After October 2025, the complaint alleges, Pasternak went silent. The platform processed at least six billion dollars in cumulative trading volume, and Defendants allegedly extracted approximately fifty-four million dollars in platform fees.
The complaint asserts claims for deceptive business practices and false advertising under New York General Business Law §§349 and 350, violations of the California Unfair Competition Law and False Advertising Law, negligent misrepresentation, and unjust enrichment. It seeks actual and statutory damages, disgorgement of fees, injunctive relief, and a constructive trust over identifiable digital assets.
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