Ben Pasternak
From Trenchwiki, the trench encyclopedia
| Ben Pasternak | |
|---|---|
| Person | |
| Also known as | Benjamin Pasternak |
| Role | founder |
| Active since | 2025 |
| Known for | Founder of the Believe launchpad and its PASTERNAK, LAUNCHCOIN and BELIEVE tokens |
Ben Pasternak is an Australian tech entrepreneur who founded Believe, a Solana token launchpad where tokens are created by replying to X posts. Its ecosystem token has carried three names: PASTERNAK, LAUNCHCOIN and BELIEVE.[1][2] He is a defendant in a 2026 class action over the platform; the claims have not been ruled on.[2]
Background[edit]
Pasternak founded the social networking app Monkey as a teenager. He later headed Simulate, the company behind the plant-based NUGGS nuggets, whose backers included Reddit co-founder Alexis Ohanian's firm.[3]
Notable trades[edit]
Believe and Launch Coin
- Users create a token by replying to an X post with "@launchcoin + TICKER". New tokens trade on a bonding curve and move to a Meteora AMM pool once their market cap passes $100,000. Each trade pays a 2% tax split evenly between Believe and the token's creator, and Believe's documentation says tokens "must never represent equity".[1]
- 2025-05-12 to 2025-05-15: LAUNCHCOIN, formerly PASTERNAK, rose from a $12 million to a $344 million market cap. Over the same week pump.fun fees fell 27.5% as activity moved to Believe. Ecosystem tokens GOONC and STARTUP peaked at about $70 million and $42 million with no associated projects, and most Believe tokens later fell more than 70%.[1]
- 2025-10: the team migrated LAUNCHCOIN to a new BELIEVE token. A later lawsuit says the migration diluted holders by about 33% and that holders who did not convert by 2025-10-29 lost their balances.[2]
- 2026-04: Decrypt, citing CoinGecko, reported the platform token was down 99.8% from its May 2025 high of $0.35.[2]
Controversies[edit]
KLED sales
- 2025-12: Kled AI's chief executive alleged that Pasternak had agreed not to sell his KLED tokens on the open market, but moved most of them to an undisclosed third party, which sold them after Kled's app launch in late September 2025.[4]
- According to the same account, Kled bought part of his stake at a $27 million valuation, cutting it from about 6% to about 3.5%, after which he resumed selling to about 1.7%.[4]
- Protos reported that he attributed the sales to "taxes", had not responded publicly on X, and that Believe did not respond to a request for comment.[4]
Class action
- 2026-03-23: Lee v. Pasternak, filed by Burwick Law in the Southern District of New York, alleges that Pasternak claimed "zero ownership" of Believe platform tokens while collecting creator fees on every trade. It also alleges that he broke at least 12 public buyback promises and ran the same play under three token names.[2]
- The complaint says the platform processed about $6 billion in volume and $54 million in fees, and asks the court to freeze on-chain assets, including the treasury. Believe did not respond to Decrypt.[2]
See also[edit]
References[edit]
- ^ Jito validator tips hit $3.6 million daily as Believe ecosystem siphons activity from Pump.fun, The Block, 2025-05-19
- ^ Founder of Solana Token Launchpad Believe Arrested on Assault, Strangulation Charges, Decrypt, 2026-04-23
- ^ Reddit founder Alexis Ohanian backs 21-year-old Aussie's chicken-free Nuggs business that will 'overhaul' the food system, SmartCompany, 2021-06-09
- ^ Believe founder Ben Pasternak accused of secretly dumping KLED tokens, Protos, 2025-12-16