U.S. Congressman repcawthorn boasted a six-figure withdrawal by making a “pump and dump” investment in the “Let’s Go Brandon” meme coin. His Ethereum wallet tells a different story.
via an intermediary wallet. ETH has tumbled 35% from its price on Jan. 4, when Cawthorn acquired 8.6 ETH then worth over $32,000.8 ETH to Coinbase via an intermediary wallet. ETH is down 17% from its Jan. 17 price, when Cawthorn made his final LGB trade.
That law, known as the STOCK Act, also prohibits officials from trading on insider information. Cawthorn’s colleagues have accused him of insider trading and pointed to his LGB promotion on the eve of the NASCAR deal. His 2022 trades from LGB to ETH mix modest gains with heavy losses – at best he came out close to even. It’s impossible to know for sure without seeing his Coinbase trading history. LGB has since fallen to virtually zero, wiping out the remainder of his position.
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