Key Takeaways:
Benjamin Pasternak, the founder of the social media app Believe, has been arrested in New York on felony assault charges, compounding the project's downfall amid earlier accusations of a multi-million dollar token scam. The platform's associated cryptocurrency has fallen more than 99% from its peak.
According to public records from the New York Criminal Court, Pasternak faces charges of second-degree assault and is scheduled to appear in court on June 11. Some reports included additional charges of second-degree manslaughter, though assault charges are the most consistently cited across public records.
The arrest adds a new, violent dimension to the controversy surrounding Pasternak, who was previously accused of orchestrating a "rug pull" by improperly withdrawing millions of dollars from the project. The platform's native token, BELIEVE, has been in a state of near-total collapse. The token is currently trading at approximately $0.00075, a more than 99% drop from its all-time high of $0.3569 reached in May 2025, according to data from CoinGecko.
The incident highlights the extreme founder risk inherent in many cryptocurrency ventures, where the personal conduct and legal troubles of a single individual can lead to a complete loss of investor confidence and capital. Pasternak's arrest for a violent felony, on top of unresolved allegations of financial fraud, effectively marks the end of the Believe project for most investors and serves as a cautionary tale for the founder-centric crypto market.
This article is for informational purposes only and does not constitute investment advice.
