Meme Coin Controversy: Lawsuits Loom Over BEN and PSYOP Tokens, Caution Advised for Investors

Cryptocurrency controversy, abstract courtroom scene, modern art style, protagonists (Ben Armstrong & Andrew Tate) in heated discussion, looming shadow of class action lawsuit & fraud charges, background with falling PSYOP & rising BEN tokens, dark courtroom atmosphere, contrasting bright & dark color palette, tangled web of text: lawsuits, ETH refunds, investor caution.

In the wake of the PEPE meme coin craze, other meme coins such as BEN and PSYOP have made headlines as well. This comes after Ben “Bitboy” Armstrong and Andrew Tate were associated with these meme coins, drawing attention to their creators. BEN and PSYOP creator ben.eth is now facing the threat of class action lawsuits due to allegations of misleading investors and potential wire fraud charges.

Mike Kanovitz, a partner at law firm Loevy & Loevy, and CEO at Jurat Blockchains, tweeted on May 20 his intent to file a lawsuit against ben.eth if refunds are not issued to PSYOP presale buyers. In response, a letter was sent as an NFT to ben.eth’s address. The letter states that ben.eth could be subjected to charges of misleading investors, racketeering, fraud, and wire fraud. With the PSYOP presale raising over $7 million, it is claimed that damages could reach $21 million if a class action lawsuit is filed. In an attempt for a settlement, Kanovitz has called for the return of ETH to investors.

Furthermore, ben.eth has linked PSYOP meme coin with media personality Andrew Tate as a potential buyer. In a previous incident, YouTuber Ben Armstrong was tied to BEN meme coin when he acquired and later sold all his token holdings. Additional individuals have expressed the desire to file lawsuits against ben.eth, with several interested in joining the potentially upcoming class action lawsuit. Seemingly unfazed, ben.eth has also made light of the situation.

On-chain investigator ZachXBT has shared evidence of allegedly misleading investors and raising 10,000 ETH from the PSYOP presale. ZachXBT has been exposing numerous meme coins as people continue to be duped during the memecoin season.

As of now, the BEN token is trading at $0.000000061, experiencing a 1% increase in the last 24 hours. In contrast, after the presale, the PSYOP price soared 200% to $0.000056 within the last 24 hours, but the price continues to fall.

It is crucial for investors to conduct thorough market research before diving into cryptocurrencies, especially given the volatile nature of meme coins. With the potential for personal financial loss and the prevalence of misleading tactics, awareness and caution are key in the crypto market.

Source: Coingape

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