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Rug Pull Alert: Degen Ben.eth To Launch 3rd Scam Meme Coin After BEN and PSYOP

Rug Pulls: Pseudonymous NFT collector Ben.eth launching his 3rd meme coin in a month after $BEN and $PSYOP.
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Rug Pull Alert: Degen Ben.eth To Launch 3rd Scam Meme Coin After BEN and PSYOP

Pseudonymous NFT collector Ben.eth managed to build his controversial empire amidst PEPE meme coin frenzy, as well as linking crypto influencers and media personalities to his scam meme coins. After duping millions of dollars of investors’ money from $BEN and $PSYOP rug pulls, degen meme coin creator Ben.eth today announced plan to launch another meme coin dubbed $LOYAL.

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Who Is Ben.eth and the Controversy Behind Scam Meme Coins

NFT collector Ben.eth started his crypto journey in 2017 and entered NFT in 2021. Since then, he’s been an active member of the NFT community but was not a major influencer. He gained popularity in May after promoting PEPE meme coin and launching $BEN meme coin to try his luck in the meme coin season.

Initially, he completely failed with $BEN but the token gained pace after popular crypto content creator BitBoy decided to buy it. After the initial success, Ben.eth announced to launch $PSYOP meme coin through presale. On May 17, BitBoy sold all $BEN tokens. However, Ben.eth was able to raise over $9 million worth ETH from $PSYOP presale and other tokens sale.

Ben.eth wallet address value increased from $2600 on May 3 to $9.28 million on May 23. However, the funds have been moved out of the wallet address. The current balance now stands at 3450 ETH worth $6.3 million, as per Etherscan.

Ben.eth Wallet Balance. Source: Etherscan

Also Read: IMF Supports US Fed To Hike Rate By 25 Bps In June, Markets To Crash?

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Ben.eth Launching $LOYAL Meme Coin

On May 27, Ben.eth announced launching another scam meme coin on Memorial Day naming it $LOYAL. He seeks people to send ETH to his wallet address and promises to not keep this supply as other prior tokens.

Other meme coins he launched pumped and dumped. The new meme coin is also expected to be a rug pull. Thus, the crypto community should keep away from such coins.

BEN and PSYOP creator ben.eth is threatened with class action lawsuits for misleading investors and alleged wire fraud charges. Mike Kanovitz, a partner at law firm Loevy & Loevy, and CEO at Jurat Blockchains, filed a lawsuit against ben.eth if he doesn’t refund PSYOP presale buyers.

On-chain sleuth ZachXBT has also shared proof of misleading investors and raising 10,000 ETH from PSYOP presale. He also warned that Ben.eth is retweeting hacked Steve Aoki, Psyop phishing scammer, Jared MEV Bot Owner impersonator.

Also Read: Binance CEO Reacts To China Releasing Web 3.0 White Paper Amid Hong Kong Crypto Push

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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