Ben.eth and the Controversial Presale of $PSYOP
In the dynamic world of crypto-currencies, it is often that the launch of a meme-coin comes hand in hand with controversy. Ben.eth, an emerging figure in the crypto community, has recently garnered attention with the controversial pre-launch of the coin $PSYOP.
Ben.eth has been actively trading crypto since 2021, but has risen to fame very recently. His story truly begins with the $PEPE coin, which he aggressively pushed on his twitter account through repetitively tweeting in all caps.
In early May of this year, Ben.eth launched a coin called $BEN. It did not perform particularly well until later in the month when Ben Armstrong, a renowned crypto-influencer known online as Bitboy Crypto and no stranger to controversy himself, joined in on the project. On May 22, ben.eth revealed that the deal with Armstrong over $BEN had been finalized.
Immediately after it was announced Armstrong would be acquiring the project, ben.eth used the hype that this partnership gained to push his new $PSYOP coin in a prelaunch. Within days of the opening of the presale he pulled in millions of dollars worth of Etherium from individuals eager to get in on the action.
The presale of $PSYOP raised eyebrows from the outset. Ben.eth’s online behavior, specifically his rambunctious and shill-like behavior on twitter which he had been demonstrating continuously even before the launch in support of both $PEPE and $BEN drew massive amounts of awareness to the situation. Further, his online association with internet personality and alleged sex trafficker Andrew Tate brought even more attention to the project.
More importantly, the prelaunch was incredibly shady in the eyes of many individuals within the crypto-community. Allegedly, with no contract released, ben.eth divided out $PSYOP by having buyers send ETH directly to his wallet and slowly released coins to his customers. Despite skepticism and criticism from the community, ben.eth has flaunted the launch as a success.
Now, ben.eth faces a class action lawsuit by law firm Loevy & and Loevy. On May 19, Mike Kanovitz of the firm reached out to Ben.eth and strongly suggested that he refund the ETH he received as part of the prelaunch to right what he described as dubious and illegal business practices. These proceedings are yet to be initialized, but the results of the process are sure to be interesting.
Despite the looming threat of legal action, ben.eth stands strongly behind the project, continuously posting updates on twitter with a cool and confident demeanor. The overall fate of the $PSYOP project is yet to be seen, but it is clear that the entire crypto-community will be tuned in.
As the situation unfolds, it is essential to remember that controversies surrounding cryptocurrency projects are not uncommon. The decentralized nature of the industry, while offering numerous benefits, can also create fertile ground for unscrupulous actors to take advantage of unsuspecting individuals.
The case of Ben.eth and the controversial launch of $PSYOP serves as a reminder to investors to exercise caution and conduct thorough due diligence before participating in any cryptocurrency project.
