Dave Portnoy Calls For A 'Crypto Cleanup,' But Here's What Could Make That Tricky

Barstool Sports founder Dave Portnoy, known for his outspoken commentary, is calling for a sweeping “clean up” of the cryptocurrency space as the Stool Prisondente JAILSTOOL/USD, is plummeting in value.

In a post on X Thursday, Portnoy wrote, "So manny scammers and liars out there. Let's clean this space up! Take out the trash. Together we can win. This is when it pays to be the cleanest man in crypto."

His remarks come just days after Jailstool's price dropped from 21 cents to 1 cent, wiping out millions of dollars of investor funds, according to data from Dexscreener.

“Can we arrest the crybabies who are told not to risk more than they can lose and that Memecoins are a risk and then cry foul too?” he further said, in an apparent dig at retail investors, who lost funds investing in the meme coin.

While Portnoy insists he remains committed to the project, his role in its promotion has divided the crypto community.

Portnoy's Role In The Jailstool Crash

Portnoy claimed he had initially invested hundreds of thousands of dollars into Jailstool and publicly declared his support for the token.

Even as prices tumbled, he insisted he was putting in more of his own money to prevent losses for other investors.

"The fact I'm still putting my own money into #Jailstool cause I don't want people losing money shows that my heart is too big for this stupid space," Portnoy posted on X.

Despite his claims of loyalty to the project, Jailstool's sharp decline has fueled accusations that his marketing efforts failed, leaving retail investors at a disadvantage.

Also Read: SEC Scales Back Crypto Enforcement, Expands Focus To Cyber Fraud

Market Reaction And Crypto Community Divisions

The crypto community remains split on Portnoy's role.

Some believe he is genuinely backing the coin, while others argue his involvement has caused more harm than good.

Crypto analyst Stats pointed out that Jailstool has nearly returned to its pre-promotion price, raising concerns about the effectiveness of Portnoy's influence.

"His marketing plays didn't work out. People lost real money (which is 100% their own fault). But I think his credibility in this space is pretty ruined," Stats wrote.

Others, such as Kaleo, speculated that Portnoy may keep investing in Jailstool to salvage its price. They suggested that if he faces further losses, he may turn against meme coins altogether.

What's Next For Portnoy And Jailstool?

While Portnoy maintains that he could have cashed out for millions but chose not to, questions remain about his long-term involvement in crypto.

His call to "clean up the space" has been met with skepticism, as many point to Jailstool's crash as an example of why stronger oversight is needed.

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