Thursday, May 26, 2022

Steve Bannon is a key player in the new cryptocurrency. What can go wrong?

Donald Trump’s extremist ally Steve Bannon, who was charged with allegedly defrauding MAGA supporters in a multi-million dollar “build a wall” scheme (then pardoned by Trump), accepted position of “strategic partnership” in cryptocurrency — and experts are already concerned, according to Mother Jones.

The former White House strategist, along with former Trump campaign adviser Boris Epstein, announced prominent roles in a crypto coin called $FJB, which stands for “Fuck Joe Biden”, on Bannon’s “War Room” podcast.

Bannon touted the FJB dollar on a podcast as “the currency for the MAGA movement.” Epstein called investing in the coin a “primal political cry” for the “poor”.

The code for $FJB allows currency operators to freeze the balance of an owner’s tokens, according to cryptography expert Simon de la Rouviere (and others), who reviewed the code for Mother Jones.

But the same restrictions do not apply to operators. This means that, for example, if the price of $FJB starts to fall, coin operators can prevent some token holders from leaving, while operators can sell their own holdings before their investment drops. The magazine noted that some $FJB holders have already complained that their transactions have been frozen.

Bannon was pardoned by Trump early last year for allegedly robbing many of the former president’s loyal supporters. Bannon and three of his associates faced multiple fraud allegations in the Southern District of New York in 2020 for allegedly stealing from We Build the Wall, a charity they control, which claimed to be raising funds to build a wall on the U.S.-Mexico border.

Instead, money from “hundreds of thousands of donors” was used to fund the men’s luxurious lifestyles, according to the Justice Department.

The trial of Bannon’s We Build a Wall co-stars Brian Colphage, Andrew Badolato and Timothy Shea is scheduled for March.

Bannon stated on his podcast that a portion of the profits from the $FJB will go to various charities.

Epstein also fell into the fog. Last week, he bragged to CNN that he helped coordinate the filing of fake certificates signed by fake GOP voters claiming Trump won the states he actually lost in the presidential election.

$FJB was originally created in October. It was originally called the Let’s Go Brandon coin. Its website claims that over 8,000 people own the coin.

Bannon could not be contacted for comment. Bannon and Epstein declined to comment to Mother Jones. The $FJB statement says that the coin code is “publicly available” but does not address operator control of sales.

Read the full text of Mother Jones’ article on Bannon’s adventure here.


Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -