Ben Pasternak's Token Sales Controversy: How the Believe Founder Breached Kled Agreement

The memecoin launchpad founder Ben Pasternak is under fire for alleged unauthorized token sales tied to AI data firm Kled, sparking a heated debate in the crypto community about founder accountability and token governance.

The Controversy Unfolds

Kled CEO Avi Pastel recently exposed what he claims is a pattern of breach by Ben Pasternak, founder of memecoin launchpad Believe. According to Pastel, Pasternak was supposed to avoid selling tokens directly on open markets—a key clause both parties agreed upon. Instead, Pastel alleges that Pasternak circumvented this agreement by transferring most of his token holdings through over-the-counter (OTC) transactions to an unnamed third party, who then began dumping tokens into the market.

The timing appears deliberate. Just one day after Kled launched its mobile application on September 24, Pasternak allegedly moved his positions. Pastel’s public statement revealed: “We were forced into damage control, scrambling to coordinate OTC solutions to prevent further market harm.”

The Numbers Behind the Drama

The specifics paint a picture of escalating tension:

Round One: Kled’s whale holders had to intervene, orchestrating OTC purchases to reduce Pasternak’s holdings from approximately 6% down to 3.5% of the token supply.

Round Two: After assuring Pastel he would cease selling, Ben Pasternak allegedly resumed dumping tokens roughly a week later. The Kled team once again stepped in, this time reducing his stake further to around 1.7% through additional OTC transactions.

Throughout these transactions, Pastel contends that Pasternak repeatedly violated OTC pricing agreements and misrepresented both the timing and scale of his sales. When questioned about the token movement, Pasternak reportedly attributed the sales to “taxes”—an explanation Pastel said lacked clarity and detail.

The Missing Response

Ben Pasternak has remained silent on the allegations. His X (formerly Twitter) account has shown no activity since October 20, and he’s since removed all posts from his LinkedIn profile following the controversy. Protos earlier reported that Pasternak had announced an AI startup on the platform, but those announcements have been scrubbed.

Context: How Believe and Kled Split

To understand the stakes, it’s worth noting that Believe originally operated as a service allowing users to create tokens by tagging the app’s LaunchCoin account. As the platform’s founder, Pasternak received a percentage of token allocations created on Believe as part of the arrangement. However, Kled separated from Believe in July and now retains all associated fees—meaning the two entities are now competitors rather than partners, which may add another layer to this dispute.

What This Means for the Community

Pastel’s public call-out serves as a cautionary tale: even agreements with prominent founders don’t guarantee compliance. His statement that “builders should not work with him” suggests the crypto community may be watching closely to see how this plays out. The incident raises questions about token allocation governance, founder accountability, and the effectiveness of OTC arrangements in preventing market disruption.