Controversy Surrounding Ben Pasternak
Ben Pasternak, the founder of the memecoin launchpad Believe, is embroiled in controversy following accusations from the CEO of AI data company Kled, Avi Pastel. The allegations arise from claims that Pasternak engaged in unauthorized sales of tokens related to Kled, a platform that compensates individuals for providing personal data, such as photos and essays, which are then utilized by AI firms to enhance their datasets and train their algorithms.
Allegations of Token Mismanagement
According to statements from Pastel, Pasternak had previously committed to a policy of avoiding open market transactions for his tokens. Instead, he was expected to resort to over-the-counter (OTC) transactions or burning tokens to manage liquidity. However, just a day after Kled launched its mobile app on September 24, Pasternak allegedly transferred a significant portion of his tokens OTC to an unnamed third party, which subsequently began selling those tokens on the market.
Response from Kled’s CEO
“We were forced into damage control, scrambling to coordinate OTC solutions to prevent further market harm.”
In his post on the social media platform X, Pastel expressed frustration over the circumstances. He conveyed his reluctance to speak publicly about Pasternak, emphasizing the ongoing turmoil created by his actions, which included selling millions of Kled tokens indiscriminately.
Motivations and Accusations
Pasternak suggested that his motivation for selling was to address tax obligations, although Pastel expressed skepticism regarding this justification, particularly as Pasternak did not reveal the identity of the third party involved in the transactions. Pastel also accused Pasternak of failing to honor OTC agreements on four separate occasions, asserting that Pasternak misrepresented the sales’ timing.
Kled’s Intervention
In response to these events, the Kled team reportedly intervened by purchasing Pasternak’s tokens through OTC transactions, which substantially reduced his stake from 6% to 3.5%. Despite Pasternak’s assurances against further sales, Pastel claimed that he resumed selling just a week ago, forcing the Kled team to repeat their efforts to buy out his holdings, which brought his share down to roughly 1.7%. Pastel characterized Pasternak’s behavior as “unacceptable” and cautioned that builders should reconsider their partnerships with him.
Current Status of Ben Pasternak
As of now, Ben Pasternak has not publicly responded to these serious allegations and has not posted on X since October 20. There’s also recent news about his new AI startup, Agentic Labs, announced last month on LinkedIn, though reports indicate that he has since deleted related posts from his account. Notably, Believe, the platform he founded, allows users to create their own tokens through an interface linked to the LaunchCoin account, with Pasternak entitled to a share of the token allocations generated. After separating from Kled in July, Believe is reportedly no longer entitled to the fees associated with these transactions.
