Bluey

Federal Class Action Lawsuit Against Ben Pasternak, B24, Inc., and Believe Foundation on Behalf of Launchcoin, Pasternak, & Believe Token Buyers Filed Burwick Law has filed a class action lawsuit on behalf of Plaintiffs in the United States District Court for the Southern District of New York against Ben Pasternak, B24, Inc. (d/b/a Believe, f/d/b/a Clout), Believe Foundation Inc., and Does 1 through 10. Pasternak is the founder and CEO of Believe, a Solana-based token launchpad formerly known as Clout that allowed anyone to create and trade crypto tokens through a mobile app or web browser with no technical experience required. The complaint alleges violations of New York General Business Law §§ 349 and 350, the California Unfair Competition Law, the California False Advertising Law, negligent misrepresentation, and unjust enrichment. The lawsuit seeks damages, restitution, and other equitable relief on behalf of a nationwide class. According to the complaint, Defendants told buyers that Pasternak held "0 ownership" in the original token while allegedly maintaining insider control. Defendants then made at least twelve public promises of a "flywheel" buyback over five months that were never honored. On the day the buyback finally launched, Pasternak allegedly told buyers that "no individual or entity is getting coins for the next year at minimum" while approximately 40 million Foundation tokens had already been unlocked with no vesting restrictions. A forced October 2025 migration allegedly expanded total token supply by 33%, directed roughly 25% of the new tokens to insiders, and permanently destroyed the holdings of anyone who missed the two-week migration window. The Believe platform launched in January 2025 on the Solana blockchain under the name Clout, offering a mobile-accessible launchpad for meme tokens and creator-backed digital assets. The platform accepted credit card payments and required no crypto wallet or prior experience. Believe cycled through three tokens: PASTERNAK (January 2025), LAUNCHCOIN (April 2025), and BELIEVE (October 2025). According to the complaint, the platform allegedly processed over $6 billion in cumulative trading volume, generating an estimated $54 million in platform fees. LAUNCHCOIN reached an all-time high of $0.3647 on May 15, 2025, pushing its market cap above $240 million and the total Believe ecosystem market cap past $400 million. By the time of filing, the BELIEVE token had lost 99% of its value from its peak, with alleged investor losses estimated in the hundreds of millions of dollars. Burwick Law is a crypto litigation firm representing over 4,000 clients nationwide in digital asset fraud, token loss, and memecoin class action matters. The firm is founded and led by Max Burwick, a U.S. Navy veteran and rescue swimmer. Burwick Law currently serves as lead counsel in several of the highest-profile crypto lawsuits in the country, including the Hawk Tuah meme coin case and a RICO lawsuit against Solana, memecoin launchpad Pumpfun, and their respective officers alleging they operated as an unregistered securities platform and illegal casino. Burwick Law 285 Fulton St 84A New York, NY 10007 BurwickDotLaw Attorney advertising. The claims described in this press release are allegations contained in a legal complaint and have not been proven in court. Prior results do not guarantee a similar outcome. The information in this press release is for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by reading this release or contacting the firm.

What market cap do you guys think this will be evaluated at?