Class action claims Believe founder collected $54M while diluting token holders
A class action lawsuit has accused Believe founder Ben Pasternak of extracting $54 million in fees through token migrations tied to Launchcoin while leaving investors with losses.Plaintiffs allege Ben Pasternak and associated entities generated about $54M in fees across Believe platform tokens, according to the complaint.Court filings state a token migration increased supply by about 33.3% and erased holdings that were not converted within the set deadline.Separate New York court records show Pasternak has pleaded not guilty to assault related charges linked to a March 31 incident and is due back in court on June 11. According to a complaint filed in the U.S. District Court for the Southern District of New York, plaintiffs Joshua Lee and Pierre Montmeas alleged that Pasternak and associated entities, including B24, Inc. and the Believe Foundation, carried out a series of token launches and migrations that generated significant revenue while reducing the value of investor holdings. Court filings state that the Believe platform processed nearly $6 billion in trading volume and collected an estimated $54 million in fees across tokens such as $PASTERNAK, $LAUNCHCOIN, and $BELIEVE. Migration terms and dilution claims Details in the complaint identify an October 2025 migration from $LAUNCHCOIN to $BELIEVE as the central point