PSYOP Token Investors Lose Half Their Funds After ‘Scam' – Here’s Three Coins You Can Trust
Presale investors in Ben.eth’s unorthodox launch of the PSYOP meme coin appear to have lost out big time, with some losing half of their funds and others dubbing the token launch a “scam”.
On-chain analytics Twitter account @lookonchain examined the airdrops received by some of the PSYOP presale’s biggest investors.
A wallet starting with 0xf4ae sent 29 ETH to Ben.eth, but has so far only received around 25.5 million in PSYOP tokens worth only around 14 ETH, representing a loss of nearly half of his funds.
Ben.eth has promised to airdrop more tokens, which could make investors such as 0xf4ae whole.
But others are dubbing the meme token launch as a scam.
Psuedoanonymous Twitter account @vydamo_, who claims to have worked with Ben.eth on the first $PSYOP contract, said he had “never worked with someone more unprofessional or deranged” and claimed in a tweet thread to “have credible evidence that Ben does not intend for this to be a fair launch or even project”.
Ben.eth has also been threatened with a lawsuit by Mike Kanovitz, a partner at law firm Loevy & Loevy, unless he agrees to refund presale investors with all of the ETH they sent him for the PSYOP airdrop.
Ben.eth could face charges relating to racketeering, wire fraud and misleading investors, Kanovitz said in a letter sent to Ben.eth via the blockchain as an NFT.
Investors need to be careful about investing in dodgey presales like the one offered by Ben.eth for PSYOP.
Investors should be looking to invest in projects where the token contract is fair and audited, where the project’s creators are doxed and where the project has a meaningful plan of action to deliver value to early investors (i.e. a well-articulated white paper and business plan).
That way, the risk of a
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