Steve Bannon Faces Lawsuit Over "FJB" Cryptocurrency Mismanagement

Steve Bannon, a prominent figure in conservative politics and media, is currently embroiled in a lawsuit concerning the mismanagement of the "Fuck Joe Biden" (FJB) cryptocurrency. Filed by Missouri-based investor Andrew Barr, the lawsuit claims that Barr lost $58,730.98 due to alleged financial mismanagement by Bannon, fellow MAGA associate Boris Epshteyn, and others involved in the FJB project. The case is pending certification as a class-action lawsuit, highlighting the tumultuous nature of the cryptocurrency market.

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The lawsuit details significant issues with the FJB coin, which was initially promoted as a part of a new "uncancelable" MAGA economy. Investors were promised that an 8% transaction fee would be allocated to charitable donations and promotional efforts. However, the lawsuit alleges that approximately $2.7 million in transaction fees intended for these purposes disappeared without explanation. Internal communications among the coin's administrators reveal concerns over financial mismanagement, with one administrator describing the situation as "worse than I ever imagined."

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As the value of memecoins declined in 2023, the FJB coin's price plummeted, and Bannon and Epshteyn reportedly distanced themselves from the project. The coin's operators attempted to rebrand it as "Patriot Pay," but this effort failed due to trademark issues. By February 2025, investors found their wallets locked, rendering them unable to convert their holdings into other currencies, with no communication from the administrators for over a year.

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Bannon's history of legal troubles adds context to the current lawsuit. He was indicted in 2020 for his involvement in the fraudulent "We Build the Wall" fundraising campaign, which aimed to finance a southern border wall. Although he avoided prosecution through a presidential pardon from Donald Trump, Bannon later pleaded guilty to a felony charge related to the scheme. Additionally, he served four months in federal prison in 2024 for contempt of Congress.

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Critics of Bannon's ventures have pointed to his track record as a warning for potential investors. The FJB coin's collapse and the ongoing lawsuit have raised questions about Bannon's credibility and ability to manage financial projects responsibly. Investors have expressed frustration over the lack of transparency and accountability, particularly as Bannon reduced his public mentions of the coin, which were crucial for maintaining its value.

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As the lawsuit progresses, it remains to be seen how Bannon will respond to these allegations and whether he will face further legal repercussions. Given his history of resilience in the face of controversy, it is likely that Bannon will continue to seek new ventures, potentially attracting more investors despite the ongoing scrutiny.

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• “This looks sooooo neglegent [sic],” — Chase Bailey, Programmer

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• “Abdul told Bailey the management of the coin’s money was “worse than I ever imagined,” according to the lawsuit.” — Sarah Abdul, Top Coin Administrator

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