In April, the far-right podcaster and Holocaust denier Stew Peters launched $JPROOF — short for “Jew Proof — an antisemitic memecoin marketed as a way to “break free” of the “cabal” of Jewish bankers. Now, infighting has erupted among Peters and his circle of Christian-nationalist influencers on X and Rumble, with public accusations and mudslinging that’s dramatic enough to grab a bowl of popcorn.
The beef is being led by Lucas Gage, another far-right influencer and vocal antisemite who recently alleged there are “receipts” of fraud and insider trading of $JPROOF – leading to a back and forth between the two angry jew haters and their online cohort of anti-semites.
While $JPROOF has shown resilience after an initial steep drop in its price, the public feud calls attention once again to the sheer idiocy of most (all?) memecoins, and the ongoing danger of new technologies like crypto being used by bad actors for nefarious means.
Shots fired at $JPROOF shitcoin
Lucas Gage fired the first shots at Stew Peters on January 8th, when he wrote the following on X:
He added that he wouldn’t have posted if he wasn’t “100% certain.” Many of the tweets have since been deleted, it seems.
Another disgruntled whistleblower that goes by AK@krypt707 on X went into more detail in a post on June 9th, alleging:
• Stew Peters transferred 20M tokens to a “market maker wallet” or so they called it
• 3M $JPROOF was taken from that wallet and paired with $10k in $SOL and added to a new LP without any notification to the community
• Insiders aware of this pairing sniped this supply and immediately sold for ~$60k profit
• The team LIED about the LP being locked
• The team LIED about the contract being immutable
Rug pull or not, by June 9th, $JPROOF had dropped around 25% and to an all-time low of $0.008455.
But not for long. After Stew Peters took to his eponymous Network to defend himself and $JProof, accusing Lucas Gage of teaming up with “literal Jews” to sabotage $JPROOF, the coin began to rebound. Peters said he would “never sell” the coin, and urged people to “check the blockchain” to see that he hasn’t sold any. He added that the “number of holders aren’t dropping.”
While $PROOF remains significantly down from its all-time high, the coin has recovered to previous levels of around $0.22 per coin. Its market cap is around $23.4 million, with around 3.5K holders at the time of writing.
A feel-good memecoin rug pull?
Rug pulls – when founders pump a coin only to cash out at its peak and leave the suckers holding the bags – are nothing new in crypto, especially in the memecoin space. And if the folks who bought $JPROOF, presumably antisemites, lose their money to a rug it could be one of the most feel-good rug pulls in crypto history.
The more disturbing trend is that in the Wild West of crypto, there’s nothing stopping hate groups from taking advantage of the technology, which allows them to bypass banks and traditional finance, which they are often already banned from.
And $JPROOF isn’t the only example of a hate group launching a memecoin. In February, fresh out of prison after a Trump pardon, two Proud Boys members launched the Proud Coin ($PROUD) to help fund the organization and support January 6ers. But the coin has been losing money since it launched and currently has a market cap of $3.9K, with a measly 316 holders (at the time of writing).
Perhaps the silver lining, if there is one, is that although the nature of crypto makes it possible for anyone to launch their own coin, the few hate group related coins that exist are not thriving, especially when compared to their silly meme coin competitors.
Take $FARTCOIN for example. Launched on the Solana blockchain in 2024, it currently has a market cap of over $1.3 billion, with around 159K holders. If antisemitic hate groups launching crypto meme coins is a bit depressing, there’s some poetic justice in the fact they’re getting blown out of the water by a coin named “Fart.”
Buy My Shitcoin!
People, please stop investing in alt-coins. Just stop. The writing has been on the wall since the beginning of crypto: most alt-coins are scams. Nowadays, various trusted sources attest to the accuracy of this statement.
In fact, it might be overly cautious. We might as well just say “all alt-coins are scams.”
A study by Chainalysis found that suspected pump-and-dump behaviour rose from 24 % of new tokens in 2022 to 54 % in 2023.
The blockchain risk monitoring firm Solidus Labs’ on-chain screening shows ≈12 % of all BNB-chain tokens are outright scams. A 2022 report by Solidus Labs tracked the deployment of “117,000 scam tokens” in the previous year, which was 41% more than the year before.
The rot spans across all chains, but in the newer, lower market cap chains, the range surpasses half of the on-chain tokens. On specialized meme coin platforms, it’s more than 90%.
All that supposed activity is nothing more than a desolate cybernetic wilderness where people are systematically disabused of their funds.
Every year, the losses grow, and each year’s tally is more staggering than the last. 2025 is on track to be a blockbuster, with already $6 billion stolen, representing an increase of +6000%, mostly because of one of the biggest recorded frauds in recent years, the Mantra Incident, in which $5.5 billion in market value associated with the MANTRA DAO vanished in the span of an hour.
So, while the number of rug-pulls has decreased, the financial damage has increased. And if there’s an influencer involved, exercise extra caution. If the influencer promoting a token or memecoin happens to be an MMA fighter, run for the hills.
Hustlers, Scammers, and Charlatans, OH MY!
Even the tokens and platforms in crypto that have market dominance can be extremely dodgy. Most of them originated from the efforts of a motley crew of hustlers, scammers, and charlatans.
$JPROOF underscores how borderless crypto can empower grifters as easily as innovators. With suspected pump-and-dumps now topping half of new tokens and 2025 losses already cresting $6 billion, every memecoin—especially one peddled by extremists—should be treated as an exit-scam waiting to happen, not a ticket to the moon.
Author: Laird Dilorenzo
#Crypto #Blockchain #DigitalAssets #Memecoins
Laird Dilorenzo is a hatchet thrower and wordsmith.
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
See Also:
Retail Investors – Easy Pickings? | Disruption Banking
Believe’s LAUNCHCOIN: Redefining Markets or Fueling Hype? | Disruption Banking
