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.
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.
