Believe Founder Detained Amid Legal Troubles and Token Plunge
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Ben Pasternak, the 26-year-old creator of the token launchpad Believe, has been detained in New York on serious charges of strangulation and assault, coinciding with his platform’s token plummeting nearly 99.8% from its peak value. Allegations have surfaced regarding his potential involvement in extracting substantial fees from users, totaling $54 million.
The legal troubles stem from an incident that occurred on March 31, where Pasternak has faced accusations of second-degree strangulation and third-degree assault. He has entered a plea of not guilty with his next court date set for June 11.
Reports suggest that he was residing at an expensive hotel, costing $2,000 per night, apparently to evade being served in an ongoing civil lawsuit. The class action lawsuit claims that his operations involved repeat strategies operating under different token names—PASTERNAK, LAUNCHCOIN, and BELIEVE—each allegedly designed to siphon off fees from the trading volume of around $6 billion.
Pasternak’s venture initially gained traction with Launchcoin, a Solana-based platform enabling individuals to launch tokens linked to various online personalities. Launchcoin itself experienced a meteoric rise, reaching a market cap of approximately $370 million before facing a forced migration that drastically altered the landscape for existing investors.
In a significant shift, the Launchcoin platform was ultimately retired, giving way to a new token, BELIEVE, announced in October 2025. This migration process was mandatory and limited to a two-week period, during which new tokens were issued to selected insider-linked wallets, leaving many existing holders with significantly diminished stakes or nothing at all if they failed to comply by the deadline.
Critics argue that this migration was not a simple upgrade but rather a calculated maneuver to extract new fees from unknowing participants. Claims in the lawsuit suggest that the entire operation may have led to consumer losses totaling hundreds of millions of dollars, with the BELIEVE token currently trading at a staggering 99.8% below its all-time high of $0.35.
As Pasternak navigates both criminal charges and civil litigation, the fallout from his arrest intensifies the scrutiny surrounding his business practices and the fate of the beleaguered Believe platform. With multiple legal challenges converging, the outcomes of these proceedings could have significant implications for Pasternak and investors alike.
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