Token

<p>According to records from the New York Criminal Court, Benjamin Pasternak, founder of the SocialFi and token launch platform Believe, has been detained on charges of “second-degree strangulation” and “third-degree assault.” Authorities stated that the 26-year-old entrepreneur was taken into custody last Tuesday over an incident reported to have occurred on March 31.</p>
<h2 id="legal-battle-ahead-for-pasternak">Legal battle ahead for Pasternak</h2>
<p>Pasternak has denied the allegations put forth by prosecutors and has announced he will defend himself in court. Information from the New York State Unified Court System shows that his next court hearing is scheduled for June 11.</p>
<h2 id="how-believe-operates-on-solana">How Believe operates on Solana</h2>
<p>Built on the <a href="https://en.coin-turk.com/can-solana-achieve-new-heights-this-october/" rel="noopener noreferrer nofollow">Solana</a> blockchain, Believe enables users to buy and sell tokens associated with content creators and influencers. The platform allows users to create their own tokens simply by replying to posts made from Believe’s official X account (formerly Twitter), integrating seamlessly with crypto-focused social engagement.</p>
<p>Believe gained attention in the crypto community as one of the most prominent platforms of its kind in recent months. However, issues and allegations that surfaced in a short period have shaken user confidence.</p>
<h2 id="class-action-lawsuit-and-rug-pull-allegations">Class action lawsuit and rug pull allegations</h2>
<p>At the end of March, investors filed a class action lawsuit alleging that Pasternak and his team knowingly harmed users. The complaint claims that in October of last year, the team enforced a mandatory migration from the platform’s native token Launchcoin to a new token called Believe.</p>
<p>The lawsuit asserts that this token swap resulted in the creation of 333 million new tokens for insiders, diluting existing investors’ holdings by around one third. It is also alleged that users who did not participate in the token migration lost all their holdings entirely.</p>
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 <p>Pasternak is accused of disappearing without explanation after mandating the transition, leaving investors uninformed and disadvantaged, as detailed in the complaint.</p>
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<p>According to the lawsuit, investors suffered losses amounting to hundreds of millions of dollars. The filing also alleges that the team has used similar tactics before, profiting handsomely each time.</p>
<p>The complaint describes a pattern in which Pasternak and his associates would generate hype around three different token projects, attract users, collect fees, and then close the platform, leading to dramatic token price crashes. The team is said to have profited from both initial sales and subsequent downturns impacting investors.</p>
<h2 id="token-crash-99-7-percent-plunge-in-value">Token crash: 99.7 percent plunge in value</h2>
<p>Believe’s native token has lost 99.7 percent of its value since its all-time high in May 2025. It is currently trading at $0.0007009, having dropped an additional 24 percent in the last 24 hours. According to <a href="https://lk.software/cryptoappsy/" rel="noopener noreferrer nofollow">CryptoAppsy</a> data, the token is still changing hands at just $0.0007009 on the platform.</p>
<p>It is still unclear whether Pasternak’s recent arrest is directly linked to the allegations in the civil lawsuit. Believe has yet to issue any public statement regarding the situation.</p>
<p>The post <a href="https://en.coin-turk.com/believe-token-plunges-99-7-percent-as-founder-arrested/" rel="noopener noreferrer nofollow">Believe token plunges 99.7 percent as founder arrested</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Believe token plunges 99.7 percent as founder arrested

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