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Lawsuit alleges Believe founder withdrew $54 million, diluting token holders
CryptoWorld News: Believe founder Ben Pasternak has been accused of extracting $54 million in fees during a token migration, resulting in investor losses.
Plaintiffs Joshua Lee and Pierre Montmeas filed a lawsuit in the Southern District of New York, alleging that Pasternak and his affiliated entities (including B24, Inc. and Believe Foundation) conducted a series of token issuances and migrations, generating substantial income while reducing the token holdings’ value for investors.
The complaint states that the Believe platform handled nearly $6 billion in transaction volume and collected approximately $54 million in fees.
The plaintiffs claim that during the migration from $Launchcoin to $Believe in October 2025, the total token supply increased from 1 billion to over 1.33 billion, diluting existing holders by about 33.3%.