Dave Portnoy, the founder of Barstool Sports, has recently faced criticism for his involvement in the cryptocurrency market, particularly regarding memecoins. Observers have noted that Portnoy appears to be mocking the memecoin phenomenon, leveraging his 3.5 million Twitter followers to promote various tokens, which often experience rapid price increases following his endorsements. Some users have accused him of engaging in pump-and-dump schemes, where he promotes a token, drives up its price, and then sells off his holdings, leaving other investors with devalued assets. Portnoy's actions have raised questions about the ethics of memecoins, with critics labeling the practice as a game of musical chairs and highlighting the lack of integrity in the market. Additionally, Kraken, a cryptocurrency exchange, has faced scrutiny for its association with Portnoy amid these controversies. Recently, the U.S. Securities and Exchange Commission (SEC) announced the creation of a cyber unit aimed at targeting fraud in the cryptocurrency space, coinciding with Portnoy's activities in promoting and subsequently abandoning several tokens.