The post Portnoy Meme Coin Bets in Hot Water? Legal Scrutiny Mounts appeared on BitcoinEthereumNews.com.

Dave Portnoy has been accused of orchestrating over 15 pump-and-dump schemes He earned around $258,000 on the GREED meme coin before it crashed Portnoy received a $5 million refund from the $LIBRA team, a gesture not extended to others Dave Portnoy, founder of Barstool Sports, is facing scrutiny for his involvement in multiple meme coin ventures, raising speculation about possible legal consequences as a result. Polymarket, the decentralized information markets & predictions platform, has seen fluctuating odds on a potential Portnoy’ incarceration. Earlier today, the probability stood at 18%, indicating significant market concern. Subsequently, the odds came down 9%, suggesting a reduction in perceived risk. Pump-and-Dump Allegations Mount Over $GREED and $GREED2 Coins Portnoy has been accused of orchestrating over 15 pump-and-dump schemes, where he allegedly promoted meme coins to inflate their prices before selling off his holdings for profit. The latest one is centered around the GREED meme coin. He launched it on February 18, encouraging his followers to invest. Going against his initial assurances, Portnoy reportedly sold his entire stake, which was 35.79% of the total supply, causing the value to plummet (a 99% crash in the token’s value). By doing so, he earned around $258,000. In the wake of the $GREED collapse, Portnoy launched $GREED2, retaining 26.8% of its total supply. Related: Solana Meme Coin Chaos: Scandals Spark Investor Risk Debate $LIBRA Token Refund Controversy Raises Ethical Questions On top of that, Portnoy was reportedly offered over 6 million $LIBRA tokens pre-launch for promotional purposes. However, once he learned he couldn’t disclose this compensation, he returned the tokens. Despite this, Portnoy invested his own funds into $LIBRA, which subsequently collapsed, too, leading to huge financial losses. Adding to the complexity, Portnoy received a $5 million refund from the $LIBRA team after the crash, a gesture not extended…

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Filed under: News - @ February 20, 2025 2:21 am