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After the PEPE meme coin frenzy, other meme coins such as BEN and PSYOP gained attention after Ben “Bitboy” Armstrong and Andrew Tate were linked to these meme coins.
BEN and PSYOP creator ben.eth is threatened with class action lawsuits for misleading investors and alleged wire fraud charges.
BEN and PSYOP Creator ben.eth Faces Class Action Lawsuit
Mike Kanovitz, a partner at law firm Loevy & Loevy, and CEO at Jurat Blockchains, in a tweet on May 20 claims to file a lawsuit against ben.eth if he doesn’t refund PSYOP presale buyers. A letter was sent as an NFT to ben.eth address.
According to the letter, ben.eth could be charged with misleading investors, racketeering, fraud, and wire fraud. The PSYOP presale has raised over $7 million and the lawyer claims damages worth $21 million if the class action lawsuit is filed. Kanovitz has asked to return ETH to investors as a settlement.
ben.eth has linked PSYOP meme coin with media personality Andrew Tate as a potential buyer. Previously, YouTuber Ben Armstrong was linked to BEN meme coin after he bought and later dumped all his token holdings.
Others are also claiming to file lawsuits against ben.eth and have shown interest in joining the latest class action lawsuit. Meanwhile, ben.eth has jokes about the lawsuit and focuses on airdrops.
Also Read: Visa Deepens Crypto Payments Presence With Ethereum Account Abstraction
On-chain sleuth ZachXBT has also shared proof of misleading investors and raising 10,000 ETH from PSYOP presale. ZachXBT has been exposing several meme coins as people are getting duped trading amid memecoin season.
*pretends to be surprised* pic.twitter.com/I1qO3uFLy2
— ZachXBT (@zachxbt) May 19, 2023
BEN token is trading at $0.000000061, up 1% in the last 24 hours. Meanwhile, PSYOP price jumped 200% to $0.000056 in the last 24 hours after the presale, but the price is falling continuously.
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