• Madison Cawthorn, a US congressman could be seen in an orange jumpsuit.
• Some speculate that he might be involved with a crypto-pump and dump scheme.
• An investigation has begun to determine if he was involved with insider trading.

The Washington Examiner reported Tuesday that Madison Cawthorn, a US congressman was accused by multiple watchdog organizations of participating in a cryptocurrency pump-and-dump scheme. The scheme involved the cryptocurrency Let’s Go Brandon (LGB).

To bring readers up to speed: toward the end of last year, the slogan “Let’s Go Brandon” became viral following an interview with NASCAR driver Brandon Brown. The interviewer thought the crowd was chanting “Let’s Go Brandon” when instead, it was an anti-Biden slogan involving foul language. Since then, the slogan “Let’s Go Brandon” was synonymous with anti-Biden pro-Trump political rallies.

Using this viral moment as inspiration, crypto enthusiasts created the cryptocurrency LGB and attempted to sponsor the driver’s racing team.

Cawthorn actively promoted the currency on his social media accounts. And on December 29, he had posted “LGB legends. … Tomorrow, we go to the moon!” on his Instagram page. LGB was the primary sponsor of his NASCAR driver.

The currency saw a rapid rise in value overnight, as was to be expected. After the announcement, the currency’s value shot up 75% to a $570 million market cap.

However, at the end of January, the coin’s value plummeted after NASCAR outright rejected the sponsorship. But insiders already had the majority of the coins, and they were all thrown out.

It is now questionable whether Cawthorn is among these insiders. Cawthorn is no stranger to controversy. Cawthorn is known for lying about his history, sexual assault accusations, and even transporting a loaded firearm onto planes.

If it is discovered that Cawthorn knew of the NASCAR issue and purchased LGB coins before Dec. 30, it could be considered insider trading.

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