Outgoing Rep. Madison Cawthorn (R-NC) revealed Friday he sold upward of $250,000 of the Let’s Go Brandon meme cryptocurrency on Dec. 31, 2021, the day it saw its market value peak. Less than a month later, the meme coin had lost 100% of its value.
Multiple watchdogs told the Washington Examiner that the filing bolsters their suspicions that Cawthorn engaged in an insider trading scheme with the meme coin, whose leaders face a class-action lawsuit for allegedly scamming retail traders by orchestrating a “pump and dump” scheme with the coin.
“It’s very damning,” said Craig Holman, a government affairs lobbyist with Public Citizen. “The timing is spot on for what suggests to be insider trading. He buys the stock, it increases dramatically in value, and he sells it at the peak moment. That’s what appeared to be what was going on in the first place, and this really confirms it.”