Stew Peters, an antisemitic podcaster known for inflammatory content, has come under fire after the collapse of his meme cryptocurrency, $JPROOF. The token, launched in April, was promoted as “Jew-proofed,” claiming to be protected from what Peters described as the influence of Jewish bankers.
$JPROOF initially gained traction within fringe online communities, reaching a peak value of $0.20. It promised that most tokens would be locked away to maintain value. However, public blockchain transactions revealed that $JPROOF tokens were being moved out of the treasury, suggesting someone controlled those funds for personal gain. Following this discovery, the coin’s price plummeted, devastating investors.
The incident highlights vulnerabilities in the cryptocurrency market, where political figures and right-wing personalities have launched similar projects that mix financial ambitions with ideological messaging. Peters’s coin join a list of risky ventures that can yield quick profits or rapid losses.
Among those affected is Lucas Gage, a neo-Nazi online figure who lost about $9,000 after investing early in $JPROOF. Despite his own extremist views, Gage expressed shock and disappointment in Peters, whom he had trusted.
The controversies deepen with the involvement of Carlos Cortez, an investment advisor linked to Peters and $JPROOF. Cortez, known for promoting a “MAGA” retirement plan, has faced multiple complaints and settlements over accusations of running fraudulent cryptocurrency schemes.
The turmoil surrounding $JPROOF has rattled the antisemitic community online, with some investors filming videos to assure their followers that they are not bankrupt or facing personal crises despite losses.
Questions also arise about Kash Patel, former senior aide and recent FBI nominee, who appeared multiple times on Peters’s show despite later claiming ignorance of him. Peters publicly accused Patel of lying about their association.
Stew Peters’s history includes previous deceptive behavior, including impersonating an actor to gain access to Minnesota’s governor’s mansion, raising further doubts about his credibility.
Ultimately, $JPROOF illustrates how controversial figures may exploit cryptocurrency’s opaque nature to raise funds, putting investors at risk and fueling broader discussions about financial and ideological manipulation online.