Madison Cawthorn, a firebrand Republican Representative from North Carolina is in the middle of an ethics investigation. For him, the biggest souvenir he got from attending a Christmas party in 2021 is a crypto coin called “Let’s Go Brandon” (LGB). He bought it for $150,000 from James Koutoulas, a hedge fund manager, who talked about this at President Trump’s party in Naples.
Cawthorn’s wallet on the ETH network was finally identified after some searches and information mentioned by Cawthorn himself. According to the published information, Cawthorn seems to have lost more money in trades than wins. Cawthorn had apparently predicted that the price of this particular LGB would go up and this led a huge rally. The Next day, he sold some of these tokens and bought ETH with a 94% return. This trade and some others would come back to haunt him. His trading activities are being investigated by the House Committee for Ethics. Other scandals also scuttled his bid to get re-elected.
The investigation was started due to allegations of insider trading and pumping up values and dumping. Investigators are looking into Cawthorn’s activities and whether he improperly promoted LGB without indicating the fact that he invested in it. Even though he formally disclosed his trades of LGB on May 27th, 2022, his information release paints an unsavory picture. It looks like he knew the value and pulled out at the right time.
Though news outlets reached out to his team for comments, there was no answer from anyone. Cawthorn’s spokesman said that Cawthorn was being falsely implicated by opponents for political gains.