Believe founder arrested, token value drops 99%

Believe founder Benjamin Pasternak faces assault charges and lawsuits, leading to a 99% drop in BELIEVE token value and uncertainty over the platform's future.

Benjamin Pasternak, founder of the SocialFi platform Believe, has been arrested and charged with second-degree strangulation and third-degree assault following an incident on March 31, according to New York Criminal Court records. Pasternak has denied the allegations and is scheduled to appear in court on June 11. Believe, built on the Solana blockchain, allows users to create and trade tokens linked to content creators and influencers. The platform has recently faced additional legal challenges, including a class-action lawsuit alleging harm to users and accusations of forced token migration and insider token issuance. These controversies have severely damaged user confidence, coinciding with a dramatic collapse in the BELIEVE token's value—down over 99% from its all-time high. The situation raises serious concerns about the platform’s future and the security of user investments.