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In the wake of the memecoin hype fueled by Pepe (PEPE), the substantial rise of memecoins such as Ben (BEN) and PSYOP (PSYOP) has caused quite a stir. This development is primarily linked to Ben Armstrong, known as ben.eth, and Andrew Tate. The ensuing hype has reportedly resulted in considerable losses for many investors, leaving Armstrong, the creator of BEN and PSYOP, facing a potential class-action lawsuit over allegations of investor deception and fraud.
Ben Armstrong Faces Class Action Lawsuit For PSYOP
Mike Kanovitz, partner of law firm Loevy & Loevy and CEO of Jurat Blockchains, declared in a tweet on May 20th that they would file a lawsuit against Armstrong unless he refunds those who bought from the PSYOP pre-sale. Kanovitz, who sent a letter to Armstrong’s public wallet address in the form of an NFT, accuses Armstrong of deceiving investors, collecting ransom, and committing fraud.
Over $7 million was raised from the PSYOP pre-sale. Kanovitz stated that they would seek a compensation of $21 million if a class-action lawsuit is filed, requesting that the ETHs invested in the pre-sale be returned to the investors as a settlement.
Armstrong was the figurehead of the BEN memecoin until he sold all of his BEN tokens. However, he argues that he has no affiliation with the PSYOP memecoin and that it is related to Andrew Tate, who appears to be a potential investor.
PSYOP’s Pre-Sale Raises 10K ETH
On-chain analyst ZachXBT has shared evidence showing that 10,000 ETH were raised from the PSYOP pre-sale, indicating that investors were misled while trading amidst the memecoin hype.
Crypto data platform CoinMarketCap reveals that PSYOP experienced a surge over 400% within the last 24 hours, trading at $0.00008867, while BEN saw a decrease of 3.17% in the same timeframe, trading at $0.00000006073. Regardless of PSYOP’s recent rise, both altcoins have been on a downward trend for some time.
