Steve Bannon’s new scandal 'worse than ever imagined'

President Donald Trump’s top adviser Steve Bannon is ensnared in a cryptocurrency scandal — although in Bannon’s case, the controversy comes with a literally profane twist.

A Missouri investor named Andrew Barr is suing Bannon over a failed cryptocoin called “F—— Joe Biden” (FJB), according to The Bulwark. Barr alleges that he lost almost $59,000 investing in the FJB coin and is seeking to sue Bannon in a class action suit that would also include MAGA bigwigs like political operative Boris Epshteyn. Barr also claims that Bannon and the other FJB executives demanded an unusually high 8 percent fee on transactions on the grounds that 5 percent would go to charitable donations like veterans’ care, but has not lived up to that promise.

The FJB coin, which was supposedly going to one day power an “uncancelable” economy under Trump, plummeted in value under Bannon’s and Epshteyn’s management. The lawsuit also alleges that $2.7 million in value intended to go to charity or marketing has instead vanished unaccounted for. Despite enlisting top MAGA figures like Benny Johnson and Jack Posobiec to promote the coin, the FJB coin never became a lucrative venture. Finally the lawsuit points to public discussions among FJB executives which suggest they were aware something was amiss with their financial product.

“Top coin administrator Sarah Abdul and programmer Chase Bailey offered their lament over an alleged $120,000 payment from FJB to Epshteyn’s friends for lackluster services,” The Bulwark reported regarding a Discord conversation among FJB executives. “But, they concluded, it was ‘drops in the bucket’ compared to more serious financial mismanagement, which they didn’t spell out. Abdul told Bailey the management of the coin’s money was ‘worse than I ever imagined,’ according to the lawsuit.”

The Bulwark quoted Bailey as replying, “This looks sooooo neglegent [sic].”

This is not the first time Trump and his administration’s figures have gotten involved in cryptocurrency scandals. The Abu Dhabi royal family invested $500 million in the Trump family’s cryptocurrency coin; later, after Trump became president, the United Arab Emirates received access to highly sensitive AI technology. The Wall Street Journal reported that the deal involved “pay half up front, steering $187 million to Trump family entities” and at the same time “at least $31 million was also slated to flow to entities affiliated with” the family of Trump’s Middle East envoy Steve Witkoff. Democratic strategist David Axelrod described this as “an earthquake of a scandal” while Protect Democracy director Ian Bassin commented “amazingly, this has all but fallen out of the news."

In addition to Trump himself, Trump’s attorney Todd Blanche was accused by the ethics watchdog Campaign Legal Center of owning at least $159,000 in cryptocurrency assets when he ordered an end to all investigations into cryptocurrency companies. Blanche had previously signed an ethics agreement promising to dump his cryptocurrency holdings within 90 days of being confirmed, but instead did not divest until more than a month after his cryptocurrency memo. Even then he did so transferring them to his adult children and a grandchild, which though legal skirts the spirit of the law.

Despite the Trump administration’s abundant promises that cryptocurrency would lead to immense profits, the market has fallen more than 50 percent since its October peak with no end in sight.

“I’ve never seen people so dispirited about the crypto industry before, even at the lowest lows," Nic Carter, founding partner of the crypto investment firm Castle Island Ventures, told Politico. "Psychologically, this feels really hard for people to handle.”

Carter later added, “The rapture didn’t happen, we’re just stuck here on Earth and it sucks.”

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