Business

Tony Lam was an original influencer in Little Saigon — and he's still got it

Published

8 months ago

April 29, 2025

The textured mat is already on the table as Tony Lam sits down to shuffle the polished tiles. He is here to participate in a ritual that he observes four days a week, a pursuit that keeps his “head in shape.”

On this day, sitting in his daughter’s house, he is competing against his wife, son-in-law and grandson, all of whom build a wall of game pieces in front of them.

It’s mah-jongg o’clock, and he’s ready.

One by one, they roll the dice to begin their match, dealing and betting a collection of quarters. Lam, quietly fierce with a booming laugh, studies the spread, and then … his cellphone pings. The original influencer of Little Saigon has been invited to another event — one of dozens each year — a commemoration of the Vietnamese immigration experience in America.

1. Tony Lam, second from left, plays mah-jongg with his son-in-law James Do, left, grandson Patrick Do, second from right, and Lam’s wife, Hop Lam, in Huntington Beach. 2. Lam lines up his mah-jongg tiles. 3. The game keeps his “head in shape,” Lam says. (Jason Armond / Los Angeles Times)

He snares a suite of tiles and wins a coin within 11 minutes. Nothing seems to faze him. But as he prepares to make his next move … ping! It’s an invitation to an informal coffee shop meet-up, followed by a business groundbreaking.

Lam, 88, has been a prominent figure in Orange County’s Little Saigon for decades, but his election to the Westminster City Council in 1992 — the first Vietnamese American to win political office in the United States — cemented that status. After 10 years, he announced his retirement from politics, but his continuing activism, even into his 80s, helped set in motion a series of political movements and cultural upheaval in Southern California.

On April 30, the 50th anniversary of the fall of Saigon, his community will be in the spotlight, as news reports highlight the growth and influence of the Vietnamese community in Southern California. In Orange County, where 2020 census data show nearly 242,000 residents of Vietnamese heritage, there are Vietnamese Americans on the city councils in Westminster — the original home of Little Saigon —Fountain Valley, Garden Grove and Santa Ana.

“He’s part of a wave of people that transformed California,” said Jeffrey Brody, a retired professor of communications at Cal State Fullerton who’s writing a social history of the origins of Little Saigon. “The reason the public pays attention to this group, especially locally, is because the community has invested in the building blocks of democracy.”

Lam was there from the start — opening doors, collecting awards, trying to thread the needle in controversies that threatened to destabilize his community — and he’s still filling his calendar with events — a reminder that his role as a trailblazer has not been forgotten.

Vietnamese evacuees and a helicopter on a roof

Lam grew up in northern Vietnam and made his way south after the country was split into two states. In the south, he held a series of jobs that brought him in contact with U.S. entrepreneurs and diplomats. At 28, he teamed up with an older sibling, Dean, to manage their Lam Brothers Corp. They were independent contractors unloading ammunition, building supplies and auto parts for the military at Cam Ranh Bay, one of the busiest ports in the world. Lam had learned English from his service in the Vietnamese Navy, and later, through job connections, he got his wife and six children on a flight out of their homeland before the fall of Saigon.

Lam says he stayed behind to help evacuate others. Then U.S. officials sent him to Guam, where he was “assisting in the management of the newcomers there.” After three months, he flew with his family to Camp Pendleton, where a large portion of refugees were sent. Lam was 37 years old and he, his wife, three sons and three daughters bunked in barracks on the base.

He signed on as camp coordinator, trying to bring order to the confusion around him as thousands of adults and children immersed in resettlement. Eventually, he found an American sponsor “and we had the proverbial fresh start,” he recalled, moving briefly to Florida before returning to the West Coast and renting an apartment in Huntington Beach.

In Vietnam, Lam had owned three companies. In Orange County, he took a job pumping gas, and then as a supervisor in shipping and receiving for a firm that produced practice bombs for the Navy.

“It was such irony,” said Lam, who had fled a war just months before.

His wife found work sanding guitars. When Lam picked her up after her first day, he said, he didn’t recognize her right away because her head was covered with dust. Then he burst into tears.

By the end of 1980, about 20,000 refugees were living in Orange County. Like their earlier counterparts, they had fled the communist regime, most of them drawn by news of relatives who had chosen to relocate there. Danh’s Pharmacy, the first Vietnamese-owned business in the area, had opened its doors in 1978 in Westminster, a town that would quickly balloon into a bustling immigrant community, dotted with produce markets, noodle houses, jewelry stores and bakeries.

Lam established a life insurance agency and an import-export business, and in 1984 opened Vien Dong, a restaurant in Garden Grove that quickly gained a following.

1 Tony Lam

2 Tony Lam with his family in 1975.

1. (Courtesy of the Lam family) 2. The Lam family in 1975. (Courtesy of the Lam family)

The Little Saigon community expanded into neighboring cities, and in the 1980s, its restaurants, cafes, jewelry and fabric shops and grocery stores started to attract attention throughout California. The first 99 Ranch Market opened in Westminster in 1984.

In 1985, when an 8.0 magnitude earthquake hit Mexico City, killing almost 10,000 people, Lam organized a fundraiser. He was one of the founders of the Vietnamese American Chamber of Commerce and the Vietnamese American Lions Club in Westminster. A law and order conservative, he joined the Republican Party.

Hop Lam, who has been married to him for 64 years, says he moves forward “always with an eye to the past. He learns and he remembers.” He was among the first organizers of the local Tet Festival to celebrate the Lunar New Year — which eventually became the largest celebration outside of Vietnam. He nurtured his businesses and was appointed to serve on Westminster’s traffic commission in 1989.

People put up a campaign sign for Tony Lam

In addition, “he befriended the white families, the Mexican families and everyone he talked to,” Brody said. When he ran for City Council, “to win, he had to have the support of the Caucasians and the Latinos as well as the Asians.”

Lam’s daughter Cathy Lam said: “When there was something to be done, my father never hesitated. Public service for him is a way to include everyone in decisions and solving problems.”

His community was bound together by family, tradition and staunch anti-communist sentiment — which, in a few years, fueled a controversy that foreshadowed a political shift in Little Saigon.

In 1994, the U.S. lifted its trade embargo against Vietnam, and resumed diplomatic ties the following year. Longtime residents of Little Saigon were incensed and organized anti-communist protests. That anger, however, was not universal, evidenced by the interest among a few local merchants in the possibility of expanding their market by doing business in Vietnam.

A few years later, in January 1999, Truong Van Tran posted a Communist flag and a photo of Ho Chi Minh, the late Communist leader, in his video store, which was located on Bolsa Avenue, Little Saigon’s main thoroughfare. Community protests started immediately.

On Jan. 21, an Orange County judge temporarily ordered Tran to remove the items, but she soon reversed herself on Feb. 10, saying the flag and the photo constituted protected speech. The demonstrations continued for 53 days. At one point the crowd grew to about 15,000.

Lam did not join them. He said he understood the anger, but City Atty. Richard D. Jones told him and Westminster officials to stay away; they needed to stay neutral to avoid legal action.

Because Lam was a no-show, protesters picketed outside his restaurant for 73 days. He was called a communist sympathizer, and political rivals vilified him. He hired a lawyer in an attempt to stop the chaos in front of the restaurant. Speaking at a council meeting in February of that year, he said his “heart had been torn apart.” He left office in 2002.

Lam dines with his wife, Hop, and other family members on April 9.

(Jason Armond / Los Angeles Times)

It was the greatest trial of his political life, Lam said, remembering his efforts to balance his loyalty to his Vietnamese community with the city’s interests.

During the tumult, some younger members of the Vietnamese community, already questioning their status on the sidelines of a local political infrastructure that didn’t include them, inserted themselves in the conversation.

Lan Quoc Nguyen, who’d been an attorney for only three years, got involved by “negotiating with city staff and police to allow the protesters to stay” around the store property for hours on end. “Pretty soon, we realized that in order to gain respect, to be listened to by people who run the greater society, we had to have a seat at the table…. We started digging in,” Nguyen said.

Nguyen, along with Van Tran, the first Vietnamese American elected to the Garden Grove City Council in 2000, described the movement as “political empowerment.” They gathered volunteers for massive voter registration drives, one after another in consecutive elections. Offering Cokes and banh mi and often free entertainment from top refugee musical acts, the inaugural “Rock N Vote” and get-out-the-vote gatherings were staged at UC Irvine and parks with one constant element — handy translators to interpret English-language materials.

Tony Lam and others at an event honoring them

“This is what cemented political power,” Brody said. “Not having anyone to recruit their opinions or participation, the Vietnamese organized themselves into a powerful voting bloc and from then on, you saw all kinds of candidates running for all kinds of seats.”

In 1975, when the Vietnamese came over, Cathy Lam said, “we all worried about putting food on the table. Over the years, as our kids got older, as all of us understood more about U.S. history — the Civil Rights Act, the Clean Water Act, the Affordable Care Act, what the EPA stands for — we became a little less conservative, a little more moderate. At the end of the day, the community sees it’s making money. They have to give back by getting deeply involved in politics.”

Today in Orange County, there are at least 24 Vietnamese Americans in city and county offices, and there are others on school boards, sanitation and water boards and in Orange County Superior Court. Tri Ta, Westminster’s first Vietnamese American mayor, is serving in the state Assembly, and last year, Derek Tran became the first Vietnamese American from California elected to federal office, representing the 45th Congressional District.

Tran met Lam at his swearing-in ceremony in December. “I’ve known his name for a long, long time,” said Tran, who ousted Republican stalwart Michelle Steel in the competitive congressional race. “His daughter and her son walked the neighborhoods and knocked on doors for me, helping me get elected. Without having someone like him, it would not have been possible for me to have my seat here. He truly blazed the trail.”

1. Hop Lam prepares a family meal in April. 2. Tony Lam digs into a full spread of Vietnamese dishes. (Jason Armond / Los Angeles Times)

During the event, Lam kept pulling Tran aside to say how proud he was of the younger man, prompting the new congressman to add, “It makes me so happy to hear that from someone of his stature.”

Terry Rains, an activist who launched the Westminster Buzz Facebook page and has been a steady presence at council meetings since 2019, says she expects to see more Tony Lams in office, “but you can’t ignore the Andrew Do thing.”

Last October, Do, a former Orange County supervisor, admitted guilt in funneling more than $10 million in federal pandemic funds through a nonprofit linked to his daughter. He received more than $550,000 in bribes from money slated to buy meals for elderly Little Saigon residents — shocking the political establishment of the county.

Lam called it a “tragedy,” but his phone still pings with political newbies scheduling appointments to visit with him for advice, an endorsement or a donation. He kept his profile “as one of the originals in Little Saigon,” said Van Tran, who ascended to state office as the first Vietnamese American elected to California’s Assembly. “He inspires because he’s outspoken and true to himself.”

“My intention is to help everyone,” said Lam, at a recent playground dedication in Westminster’s Tony Lam Park. “That’s how I operate.”

Business

Indian truckers sue California’s DMV for revoking their licenses

Published

12 hours ago

December 25, 2025

Press Room

Indian truckers sue California’s DMV for revoking their licenses

Immigrant truck drivers have sued the California Department of Motor Vehicles for terminating the commercial driver’s licenses of thousands of drivers, alleging that the decision violated their rights and threatened their livelihood.

California’s DMV gave a 60-day cancellation notice to 17,000 drivers on Nov. 6 after a federal audit found the licenses issued to immigrant drivers were set to expire after the time they were legally allowed to remain in the U.S.

In the event of such clerical errors by the DMV, the suit alleges, California law requires the DMV to change the expiration of its own accord or to allow applicants to reapply for a corrected license.

“The state of California must help these 20,000 drivers because, at the end of the day, the clerical errors threatening their livelihoods are of the CA-DMV’s own making,” said Munmeeth Kaur, legal director of the Sikh Coalition, a group fighting for the civil rights of Sikhs.

The Sikh Coalition and Asian Law Caucus filed the class-action lawsuit on behalf of five commercial driver’s license holders, challenging the DMV’s decision to revoke licenses.

Since November, the number of cancellation notifications has grown to more than 20,000.

“If the court does not issue a stay, we will see a devastating wave of unemployment that harms individual families, as well as the destabilization of supply chains on which we all rely,” said Kaur.

The Sikh Coalition also noted that the action was taken under pressure from the federal government. It said the California DMV has failed to provide recourse, and informed applicants that it’s not issuing or renewing non-resident commercial driver’s licenses.

Punjabi Sikh truckers have emerged as a pillar of the American trucking industry. For years, many have sought asylum in the U.S. and entered the transportation industry.

There are around 750,000 Punjabi Sikhs in the United States. Of those, about 150,000 work in the trucking industry, with the majority based on the West Coast.

The issue of immigrant truckers became a political flash point earlier this year, when a Punjabi Sikh driver took an illegal U-turn at a turnpike that caused a crash in Florida that killed three people. The Trump administration swung into action and found seven states, including California, Washington and Texas, that had lax licensing rules.

The crackdown has caused a wave of racism and racial profiling of Sikh truckers, many of whom sport turbans and beards as symbols of their faith, which is neither Hindu nor Muslim.

Secretary of Transportation Sean Duffy singled out California for issuing commercial driver’s licenses to what his department says are unqualified immigrant truckers that put lives on the road in danger. Many truckers quit the industry after the introduction of enhanced English proficiency tests, where highway inspectors check for language proficiency and highway traffic sign competency.

Policy changes regarding noncitizen commercial licenses and English-language proficiency enforcement could remove more than 400,000 commercial drivers from the market over the next three years, according to J.B. Hunt, one of the largest trucking companies.

Business

Commentary: The latest government inflation and GDP figures are worthless, and will be for months to come

Published

1 day ago

December 25, 2025

Press Room

Commentary: The latest government inflation and GDP figures are worthless, and will be for months to come

The federal government’s monthly releases of economic statistics — especially the inflation rate and growth as tracked by gross domestic product — have long occasioned partisan preening (or denunciation) and for a general public stock-taking of the health of the economy.

Not this month. This time, they’re the occasion for doubt and confusion.

On Dec. 18, the Bureau of Labor Statistics reported that inflation had fallen to an annual rate of 2.7% in November, down from 3% in September and well below the 3.1% consensus of economists. And on Tuesday, the Bureau of Economic Analysis reported that real gross domestic product had shot up by a surprising 4.3% annual rate in the third quarter of 2025 ended Sept. 30.

The numbers give you meaningful information about the system, but not about how people experience their actual lives.

— Zachary Karabell

Unsurprisingly, the Trump administration and its Republican acolytes seized on the figures to boast about Trump’s economic policies. White House economic advisor Kevin Hassett proclaimed the inflation figure to be “an absolute blockbuster report.” He described the GDP figure as “a great Christmas present for the American people.”

“America is winning again,” crowed House Speaker Mike Johnson (R-La.) after the GDP report. He called it “the direct result of congressional Republicans and President Trump delivering policies that drive growth and expand opportunity for American families and workers.”

Um, not so fast.

The economists whose jobs involve scrutinizing those statistics to glean what they really mean don’t view them as unalloyed support for Trumponomics. Quite the contrary. Many see them as artifacts of the long government shutdown, which halted the collection of data that go into those reports, severely distorting the results. Furthermore, they expect the flaws in those reports to persist well into 2026, undermining their usefulness as true economic indicators.

“You’ve got to take it with a grain of salt,” said Diane Swonk, chief economist at KPMG US, of the inflation report. “It’s confusing and it doesn’t quite square with prices that we’ve observed.”

A close examination of the GDP figures also underscores the narrow basis driving economic growth in recent months — it’s essentially the product of robust spending by wealthy consumers and massive corporate investments in AI technology. For middle- and lower-income Americans, the economic present and future don’t look anywhere as sunny as the numbers would suggest.

“The numbers give you meaningful information about the system, but not about how people experience their actual lives,” says financial analyst and economic commentator Zachary Karabell, whose 2014 book “The Leading Indicators” injected some perspective on how we interpret economic statistics and explained why our faith in them is often misplaced.

Indeed, consumer confidence has been sinking for months, according to the Conference Board. That points to an enduring question about the U.S. economy: Whose economy is it?

More than ever, it belongs to the rich, producing a “K-shaped” economy, which has been playing out in shopping patterns this holiday season, as my colleague Caroline Petrow-Cohen recently wrote.

According to Bank of America analysts, since this spring, spending by the highest-earning third of Americans has been soaring, while that of middle- and lower-income households has stagnated. In part that’s because the stock market has remained vibrant.

Since the top 20% of households as measured by income own about 87% of directly-held equities, stock market gains “tend to disproportionately benefit the higher-income cohort,” the BofA analysts noted. By contrast, “almost 30% of lower-income households appear to be living ‘paycheck to paycheck.’”

The highest-earning 10% of households now account for nearly half of all consumer spending, according to Moody’s Analytics. That’s the highest level since the data began to be collected in the 1980s, when the rich accounted for only about one-third of spending.

Job growth may already have turned negative, even if the published employment figures don’t yet show it, Federal Reserve Chairman Jerome Powell acknowledged during a Dec. 10 news conference following the Fed’s decision to lower interest rates by 0.25 percentage points.

Non-farm payroll gains have averaged about 40,000 a month since April, Powell observed. “We think there’s an overstatement in these numbers by about 60,000,” he said. “So that would be negative 20,000 per month.”

The divergence between the gross economic statistics and the lived experience of Americans is nothing new. It was remarked on by Robert F. Kennedy Sr. in a speech in March 1968, less than three months before his nascent presidential campaign was ended by an assassin’s bullet.

“Gross national product counts air pollution and cigarette advertising, and ambulances to clear our highways of carnage,” he observed. “It counts special locks for our doors and the jails for the people who break them. It counts the destruction of the redwood and the loss of our natural wonder in chaotic sprawl. It counts napalm and counts nuclear warheads and armored cars for the police to fight the riots in our cities. … Yet the gross national product does not allow for the health of our children, the quality of their education or the joy of their play. … It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile.”

That brings us to the specific flaws in the latest statistics.

The government shutdown, which lasted 43 days from Oct. 1 to Nov. 12, was the most important cause of gaps in the collected data for the consumer price index calculation. As Swonk noted in a social media post, cutbacks at the BLS had already reduced the staff assigned to sampling prices by 25%. That prompted the agency to substitute “imputed” numbers for hard data.

“Those cases can show up as zeros in the percent change of the release,” Swonk wrote — obviously lowering the bottom-line figure. A sampling scheduled for mid-October had to be canceled, so figures dating from August were used instead — concealing any price increases in subsequent months.

A major problem concerns housing costs, which account for about one-third of the data inputs for the CPI. Because the BLS was unable to collect rental data for October, it implied that the monthly change in rents was 0% in October — further skewing the reported CPI lower. Experts say it will take at least six months to use newly collected data to provide a reliable estimate of housing inflation.

The delay in sampling, Swonk adds, means that some seasonal price phenomena were missed. She points specifically to airfares — the originally scheduled sampling would have incorporated a pre-Thanksgiving run-up in fares, but by the time the data were collected fares had returned to a non-holiday level.

Inflation data also are incorporated into GDP estimates — the lower the inflation rate, Swonk notes, the better the GDP looks. An artificially reduced inflation rate will translate into higher reported GDP growth.

All this might have a limited economic impact — corporations, banks and academic economists generally have sources other than the government to reach their conclusions — if not for the partisan political exploitation of the numbers.

As Karabell reported in his 2014 book, Simon Kuznets, the government statistician who helped to codify the collection of government figures in the 1930s, was concerned about how politics would give the statistics a misleading social significance.

“These numbers have turned into absolute markets of the human condition,” Karabell wrote, “when they are simply statistical descriptions of specific systems.”

Economists have warned that some economic factors haven’t yet fully played out. That includes Trump’s tariffs, which in their execution have been lower than they appeared on the surface, and higher healthcare premiums, which have been forecast or announced but won’t actually become effective until 2026.

If the job market continues to weaken, that will show up more vividly in 2026. The interplay between “a surging economy and a soft labor market,” argues Joseph Brusuelas, chief economist at the business consulting firm RSM, “is likely to be the major economic narrative next year.”

Business

California crypto company accused of illegally inflating Katy Perry NFTs and fraud

Published

2 days ago

December 24, 2025

Press Room

California crypto company accused of illegally inflating Katy Perry NFTs and fraud

Four years ago, California startup Theta Labs’ cryptocurrency was soaring, and its future appeared bright when it landed a partnership with pop star Katy Perry.

The Bay Area company had built a marketplace for digital collectibles known as nonfungible tokens, or NFTs, and had teamed up with Perry to launch NFTs tied to her Las Vegas concert residency. Its THETA token jumped by more than 500% in early 2021, reaching a peak of more than $15, making it one of the world’s most valuable cryptocurrencies. Later in the year, the spotlight shone on the company when it announced the Perry partnership.

“I can’t wait to dive in with the Theta team on all the exciting and memorable creative pieces, so my fans can own a special moment of my residency,” Perry said in a June 2021 news release.

Today, like many cryptocurrencies, THETA is 95% off its 2021 peak. It took a hit this week after former executives accused it of manipulating markets to dupe consumers into buying its products. On Tuesday, it was trading at less than 30 cents.

Two former executives from Theta Labs sued the startup, alleging in separate lawsuits that the company and its chief executive, Mitch Liu, engaged in fraud and manipulated the cryptocurrency market for his benefit. Liu retaliated against them after the employees refused to engage in deceptive business practices and raised concerns, the lawsuits say.

Some of the alleged misconduct involved placing fake bids on Perry’s NFTs, engaging in token “pump and dump” schemes and using celebrity endorsements and “misleading” partnerships with high-profile companies such as Google to deceive the public, according to the December lawsuits filed in Los Angeles Superior Court.

Perry is not accused of any wrongdoing in the suit, and Theta denies the charges.

The lawsuits against Theta Labs are the latest controversy to rattle an industry beset by scandals.

Cryptocurrency exchange FTX collapsed, and its founder, Samuel Bankman-Fried, was sentenced to 25 years in prison in 2024 after being found guilty of multiple fraud charges. Binance founder and former Chief Executive Changpeng Zhao also got prison time after he pleaded guilty to violating money laundering laws, but President Trump pardoned him this year.

The U.S. Securities and Exchange Commission previously charged celebrities such as Kim Kardashian, Lindsay Lohan, Jake Paul and Ne-Yo for promoting crypto without disclosing they were paid to do so.

Theta Labs created a network that rewarded people with cryptocurrency for contributing spare bandwidth and computing power to enhance video streaming and lower content delivery costs. The company describes Theta Network as a “blockchain-powered decentralized cloud for AI, media and entertainment.” The network has two tokens: THETA, used to secure the network, and TFUEL, used to pay users for services and power operations.

The whistleblowers suing Theta Labs are Jerry Kowal, its former head of content, and Andrea Berry, previously the company’s head of business development.

“Liu used Theta Labs as his personal trading vehicle, perpetrating fraud, self-dealing, and market manipulation,” said Mark Mermelstein, Kowal’s attorney, in a statement. “His calculated ‘pump-and-dump’ schemes repeatedly wiped out employee and investor value. This suit is about demanding accountability and proving no one is above the law.”

Theta, Liu and its parent company, Sliver VR Technologies, deny the allegations and “intend to prove with evidence the fallacy of the stories being told in the lawsuits,” according to Kronenberger Rosenfeld, the law firm representing the defendants. The lawsuits are an attempt to paint the company in a negative light in hopes of securing a settlement, a lawyer for the firm said.

Kowal has sued his former employers before. In 2014, he accused Netflix of spreading false claims that he stole confidential information and Amazon of wrongful termination.

The latest lawsuits allege that Liu profited from buying and selling THETA tokens using insider knowledge about partnerships with celebrities, studios and others in the entertainment industry.

“Liu’s true motive in pursuing such partnerships was not to develop a sustainable content business but to generate publicity that could be used to artificially inflate token prices for Liu’s personal gain,” Kowal’s lawsuit says.

Kowal worked for Theta from 2020 to 2025.

In 2020, Liu traded and sold tokens knowing that the company would close a content licensing deal with MGM Studios, according to the lawsuit. After the deal’s announcement, THETA token’s market capitalization increased by more than $50 million in just 24 hours, the lawsuit says.

When NFTs started to take off in 2021, Kowal closed deals with high-profile partners such as Perry, Fremantle Media and Resorts World Las Vegas for the startup’s NFT marketplace.

As part of the deal with Perry, the singer received $8.5 million and additional warrants for the right to license her image and likeness for the NFTs.

To inflate the price and demand for these digital collectibles, Liu allegedly made bids on NFTs and directed employees to do the same. This led to people overpaying for the Perry NFTs.

Representatives for Perry didn’t immediately respond to a request for comment.

Multiple examples of alleged manipulation are outlined in the lawsuits. In one instance from 2022, the startup launched a new token called TDROP that employees also received as part of a bonus.

Liu gained control of 43% of the supply of the cryptocurrency, according to Kowal’s lawsuit. When the TDROP token reached a high, he then sold the token, and its price collapsed by more than 90% within months.

Berry’s lawsuit also alleges that Theta Labs announced “misleading” or fake partnerships with high-profile companies such as Google and entities including NASA to pump up the value of the THETA token. Theta paid for Google Cloud products but claimed it was a partner when it was a Google customer, according to the lawsuit.