1. BITBILIHome
  2. Article

BEN and PSYOP Meme Coins Under Fire: Creator ben.eth Faces Action Lawsuit

• 51 views

TL;DR Breakdown

  • Class Action Lawsuit: ben.eth, the creator of BEN and PSYOP meme coins, is threatened with a class action lawsuit alleging misleading investors and wire fraud.
  • Prominent Figures and Allegations: The association of ben.eth with media personalities Ben “Bitboy” Armstrong and Andrew Tate has intensified the controversy.

In the wake of the PEPE meme coin frenzy, the cryptocurrency market has witnessed the rise of other meme coins, namely BEN and PSYOP. These digital assets gained significant attention after being linked to prominent figures Ben “Bitboy” Armstrong and Andrew Tate. However, their creator, ben.eth, now finds themselves entangled in a legal battle, facing class action lawsuits and allegations of misleading investors and wire fraud.

Contents
hide

1
Class Action Lawsuit Threat Looms Over Ben.eth

2
Ben.eth’s Association with Media Personalities and Allegations of Misconduct

3
Increasing Lawsuit Interest and Continued Market Fluctuations

4
Conclusion

Class Action Lawsuit Threat Looms Over Ben.eth

Renowned law firm Loevy & Loevy, led by partner Mike Kanovitz, has recently made headlines by threatening to file a class action lawsuit against ben.eth. The lawsuit stems from allegations of misleading investors and potential charges of racketeering, fraud, and wire fraud. To further emphasize their stance, Kanovitz sent a unique and symbolic letter as an NFT to ben.eth’s address, marking the seriousness of the situation.

The PSYOP presale, which has already raised over $7 million, serves as the focal point for the lawsuit. Kanovitz asserts that if the class action lawsuit proceeds, damages worth $21 million will be sought. As part of a potential settlement, the lawyer demands that ben.eth refund the presale buyers by returning the equivalent value in ETH.

Ben.eth’s Association with Media Personalities and Allegations of Misconduct

ben.eth’s association with media personalities Ben Armstrong and Andrew Tate has further amplified the controversy surrounding BEN and PSYOP meme coins. Previously, Ben Armstrong, a popular YouTuber, found himself linked to the BEN meme coin after purchasing and subsequently disposing of all his token holdings.

The situation escalated when ben.eth hinted at Andrew Tate’s involvement as a potential buyer of the PSYOP meme coin. This association has raised eyebrows and intensified scrutiny of ben.eth’s activities, contributing to the overall perception of potential wrongdoing.

Increasing Lawsuit Interest and Continued Market Fluctuations

The legal challenges faced by ben.eth are not limited to a single class action lawsuit. Other parties have expressed their intention to file lawsuits against ben.eth and have indicated an interest in joining the ongoing litigation. The cumulative effect of these legal actions adds substantial pressure to ben.eth’s position.

Despite the mounting legal troubles, ben.eth appears nonchalant, focusing on airdrops rather than addressing the allegations against them. Furthermore, on-chain investigator ZachXBT has presented evidence of ben. eth’s misleading practices, revealing that the PSYOP presale generated an impressive 10,000 ETH. ZachXBT’s exposés have shed light on the prevalence of scams and fraudulent activities amidst the meme coin season.

As for the performance of BEN and PSYOP in the market, both coins have experienced varying degrees of volatility. The BEN token currently trades at $0.000000061, displaying a marginal 1% increase in the last 24 hours. Conversely, the PSYOP price surged by 200% to $0.000056 within the same timeframe but has been experiencing a continuous decline.

Conclusion

The unfolding saga surrounding BEN and PSYOP meme coins has cast a shadow over the cryptocurrency community. With ben.eth facing class action lawsuits and allegations of misleading investors and wire fraud, the future of these meme coins remains uncertain. As the legal battles intensify and more individuals express interest in joining the lawsuits, the cryptocurrency market anxiously awaits further developments that may shed light on the truth behind these allegations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:BEN and PSYOP Meme Coins Under Fire: Creator ben.eth Faces Action Lawsuit

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月21日 05:59
Next 2023年5月21日 08:01

Related articles

  • XDC secures Japanese foothold through SBI partnership

    TL;DR Breakdown The enterprise hybrid blockchain solution, XDC Network, is expanding its reach in the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of the Tokyo-based financial holding company, SBI. The XDC token has experienced significant growth, becoming one of the top 5 altcoin gainers in March 2023 with a 54% increase over 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and cross-chain token transfers and is ISO-20022 compliant, an international standard for data interchange between financial institutions. Under the banner of innovation and expansion, XDC Network, the enterprise hybrid blockchain solution previously known as XinFin, is paving the way for increased influence in Japan’s bustling financial markets. This ambitious objective has been realized through its strategic partnership with SBI VC Trade, a reputable cryptocurrency exchange subsidiary of the Tokyo-based financial behemoth, SBI Holdings. New horizons: XDC Network and SBI VC trade partnership The collaboration was publicly confirmed on May 31, when XDC Network proudly announced its integration into SBI’s cryptocurrency exchange arm. Fumiki Ozaki, the CEO of the exchange, expressed his…

    Article 2023年6月4日

  • “The Next Crypto Gem” TV show premieres on September 7th in 56 countries

    TL;DR Breakdown The Next Crypto Gem, dubbed “the Shark Tank of crypto,” goes live on September 7th in 56 countries.  The show is produced by The Hourglass Collective, a Web3 incubator with an aim to bridge the gap between crypto and mainstream entertainment. Season 2 planning is underway as the show takes major turns in setting the ground for global crypto adoption. Description The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from … Read more The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from entrepreneurial TV shows such…

    Article 2023年9月7日

  • BRICS’ currency launch threatens financial sectors

    TL;DR Breakdown The potential launch of a new currency by BRICS (Brazil, Russia, India, China, South Africa) could destabilize the U.S. dollar’s dominance and threaten several U.S. financial sectors. This seismic shift could cause a domino effect across various U.S. industries including banking, finance, commodities, and international trade. The U.S. economy might suffer further if the BRICS currency becomes the standard for settling oil and gas trades. Description In the looming shadows of a global economic shift, the United States faces the specter of the BRICS nations’ prospective currency launch. This seismic change threatens to disrupt America’s position of influence, affecting several crucial financial sectors and endangering the supremacy of the U.S. dollar. The impact of this geopolitical shift promises to be both … Read more In the looming shadows of a global economic shift, the United States faces the specter of the BRICS nations’ prospective currency launch. This seismic change threatens to disrupt America’s position of influence, affecting several crucial financial sectors and endangering the supremacy of the U.S. dollar. The impact of this geopolitical shift promises to be…

    Article 2023年7月4日

  • HSBC’s H1 net profit more than doubles – What’s next?

    TL;DR Breakdown HSBC’s net profit more than doubled in the first half of 2023, reaching $18.1 billion, driven by strategic decisions and higher net interest income. The bank’s board approved a second interim dividend and a $2 billion share buyback, and the CEO expects to exceed pre-pandemic dividend levels by year’s end. Description The financial world is always on the lookout for a success story, and HSBC’s latest report is nothing short of triumphant. As Europe’s largest bank by assets, HSBC’s net profit soared to a staggering $18.1 billion in the first half of this year, a leap that more than doubled the $9 billion from the same … Read more The financial world is always on the lookout for a success story, and HSBC’s latest report is nothing short of triumphant. As Europe’s largest bank by assets, HSBC’s net profit soared to a staggering $18.1 billion in the first half of this year, a leap that more than doubled the $9 billion from the same period in the previous year. But what’s next for HSBC? The answer is a…

    Article 2023年8月2日

  • U.S. Trustee challenges Delaware Bankruptcy Court’s ruling in FTX case, seeks reversal

    TL;DR Breakdown The U.S. Trustee has directed the Delaware bankruptcy court to reverse its ruling on the independent examiner’s decision in the FTX bankruptcy case. The court rejected the appointment request despite meeting the criteria for appointing an examiner, citing potential high costs and delays. The DOJ Trustee argues that the alleged costs are insufficient justification for deviating from the statutory requirement of appointing an examiner. In a court filing on Wednesday, the U.S. Trustee, a Department of Justice (DOJ) branch, directed the Delaware bankruptcy court to reverse its previous ruling on the independent examiner’s decision in the FTX bankruptcy case. According to reports, the Trustee has stated that the bankruptcy court erred in its ruling during a court hearing held in February. The court had rejected the appointment request in a case where the criteria for appointing an examiner were met, including the requirement that the bankrupt estate has over $5 million in “qualifying liabilities.” In the February hearing, Judge John Dorsey from the Delaware bankruptcy court took the initiative by siding with the FTX estate. During the proceedings,…

    Article 2023年5月19日
TOP