This one could get messy fast.
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Caitlyn Jenner is facing a new class-action lawsuit tied to her $JENNER cryptocurrency, with investors claiming they were misled in what's being described as a pump-and-dump scheme.
According to the filing, a group of investors alleges Jenner and her manager, Sophia Hutchins, promoted the coin as a long-term play while encouraging followers to buy in. The lawsuit points to social media posts hyping the project, including claims the coin was headed "to the moon."
Then came the turn.
The suit alleges Jenner quickly shifted attention to another token just days after launch, which coincided with a sharp drop in the value of the original coin. Investors say the price fell significantly, leaving many holding losses.
There are also claims about behind-the-scenes activity.
According to the complaint, individuals connected to the launch may have profited through fees and token sales while the coin was being promoted publicly. One investor says he lost more than $40,000.
Jenner is also accused of continuing to promote variations of the project even after publicly calling out another figure involved as a scammer.
To be clear, these are allegations laid out in a lawsuit. The case will play out in court.
Still, it's another example of how quickly celebrity-backed crypto projects can draw attention. And how quickly things can turn when expectations don't match reality.
