Legal
Ben.eth is facing class action lawsuits for deceiving investors and for wire fraud.
In a tweet on May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy and CEO of Jurat Blockchains, alleges that he will sue ben.eth if he does not repay PSYOP presale customers. As an NFT, a letter was sent to the address ben.eth.
To @eth_ben and @psyopeth :
My law firm, Loevy & Loevy, will be filing a class action against you in your IRL name if you do not refund all of the $PSYOP presale purchasers immediately.
Our settlement demand letter has served as an NFT to your ben.eth address, viewable here:… pic.twitter.com/qaxhECDUhb— Mike Kanovitz (@MikeKanovitz) May 19, 2023
Ben.eth might face charges of deceiving investors, racketeering, fraud, and wire fraud, according to the letter. The PSYOP presale garnered more than $7 million, and the lawyer seeks $21 million in damages if the class action case is launched. In a settlement, Kanovitz has requested that investors get ETH.
Ben.eth has identified media celebrity Andrew Tate as a prospective buyer for the PSYOP meme currency. Earlier, YouTuber Ben “Bitboy” Armstrong was connected to the BEN meme currency after purchasing and then selling all of his token holdings.
Others are claiming to be suing Ben.eth and have shown interest in joining the current class action lawsuit. Ben.eth, on the other hand, makes jokes about the lawsuit and concentrates on airdrops.
YouTuber Ben “Bitboy” Armstrong
After the success of his initial meme currency launch, BEN, investors were anxious to join in on ben.eth’s next meme coin initiative.
BEN rewarded its early investors with a more than 5,000% one-day rise on May 8th, triggered by an endorsement from crypto influencer Ben Armstrong, who finally took over the project from ben.eth for an unknown sum.
Despite Ben.eth’s presale raising some severe red flags, the success of the unconventional PSYOP presale demonstrates increased investor zeal to get in early on what may be the next trendy meme currency.
On-chain investigator ZachXBT has also released evidence of deceiving investors and raising 10,000 ETH via the PSYOP presale. ZachXBT has been revealing various meme currencies as individuals are being tricked into trading throughout the memecoin season.
*pretends to be surprised* pic.twitter.com/I1qO3uFLy2
— ZachXBT (@zachxbt) May 19, 2023
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