If you are a crypto junkie and one who intensively scrolls tweets to keep an eye on the current memecoin season, you might be definitely seeing Twitter flooded by tweets about ben.eth and $PSYOP or PSYOP. But there lot of fog building up around this buzz and in this article, we will break down this information and will try to connect dots to burst the cloud of myths.
In recent months, a wave of memecoins has surged in popularity, with several experiencing astonishing gains of thousands of percent in a remarkably short period. The prices of these memecoins have become entirely driven by speculation or pre-established benchmarks. However, the sudden surge of memecoins has left the cryptocurrency community in a state of uncertainty. Moreover, certain coins have faced controversies and legal battles shortly after their launch. $PSYOP is new to this list.
However, before directly jumping on the topic, let me introduce a man behind the PSYOP project.
Who is ben.eth?
To be honest, nobody exactly knows, who the hell is ben.eth in real life. But here is info that a Twitter detective sneaked into our ears.
A few months ago, ben.eth was just an NFT collector and had a bunch of NFTs from the various collection, including Bored Ape Yacht Club NFT (#6649). His history in NFT space is traced back to May 2021, when he acquired his first NFT by Ola Volo: “Siren of Glass”. Currency, he is holding around 796 NFTs in his wallet and no info is available on his other wallets.
Currently, Ben.eth is a completely anonymous person.
Now the question is what is the secret behind his sudden popularity? Don’t worry, you got your man here.
Ben.eth’s Secret Spell For Popularity
It all started with the beginning of the new Meme Coin trend, with $PEPE.
How does ben.eth’s involvement relate to the $PEPE story? According to wale.swoosh, ben.eth began aggressively promoting $PEPE. However, his actions went beyond simply making a few posts to take advantage of the popular hashtag. He incessantly promoted $PEPE and used all capital letters in his posts. Moreover, he also adopted a more daring and reckless persona during this time.
In the season of memecoins, he decided to choose the rebel side by supporting the PEPE coin with the aim of dethroning Dogecoins from the top. This benefited him to increase his engagement with the Pepe community and obviously locking in some good gigs. But, it seems like after playing in the community, his interest (or belief) in Pepecoin drained, which encouraged him to launch his own memecoin entitled $BEN.
In the midst of the memecoin frenzy, ben.eth successfully introduced his very own memecoin on May 5th. Surprisingly, this memecoin not only defied expectations by gaining massive popularity within a short span of time but also managed to raise an astonishing 55 ETH.
The token’s value soared rapidly after renowned crypto influencer and prominent YouTuber, Ben Armstrong, known as Bitboy, shared a tweet about the token, emphasizing its association with his name. This unexpected turn of events further propelled the token’s meteoric rise, capturing the attention and curiosity of the crypto community at large.
Despite the impressive gains achieved, the $BEN project astonishingly handed over control to Ben Armstrong within a mere 72 hours of its launch. Remarkably, he also chose to remain involved with the project as an advisor.
However, an intriguing question arises: how did the $PSYOP token suddenly enter the picture amidst this unfolding narrative?
Launch of $PSYOP
Having savored the sweet taste of success with $BEN, ben.eth ventured into another memecoin venture named $PSYOP, which intriguingly debuted on the very day he relinquished control of the $BEN project to Ben Armstrong. With a clear strategy in mind, his intention was evident: leveraging his widespread popularity to drive the surge of new tokens, and undeniably, his plan proved resoundingly successful.
Out of no expectations, ben. eth has raised around 7 million in the presale of the $PSYOP, making one of the biggest tokens that accumulated this much amount in presale.
Unluckily, the launch of Ben.eth’s $PSYOP meme coin on Uniswap late Thursday stirred up a whirlwind of controversy. Almost immediately, the token skyrocketed to a staggering market cap of approximately $570 million, thanks to airdrops being distributed to presale participants, which also attracted a lot of controversies with it.
Controversial $PSYOP Launch: Investor Outrage, Legal Troubles, and Allegations
The string of controversy sparked when the investors sent ETH to ben. eth has received a very less number of $PSYOP tokens which made them outrageous. Suddenly, they started asking for their investment back, naming the project as a scam.
The controversies surrounding the $PSYOP launch extended beyond potential legal consequences. Some early investors discovered that they had suffered significant losses, as the ETH they had attempted to use for purchasing PSYOP resulted in slippage, leaving them with only a fraction of their initial investment.
However, ben. eth broke the silence after observing a lot of criticism on Twitter to clear things up. He said to investors that only 10% of $PSYOP tokens were allocated in the initial drop and there is still 90% of the token supply remaining to drop.
In another event, the crypto community become furious after he spend funds from the same crypto wallet that he used for the presale of $PSYOP, triggering the fud about pump-and-dump scams. However, there is no clear evidence available to call it a complete scam.
Some intellectuals say he just leveraged the credibility of Ben Armstrong to capitalize through two different memecoins. Seizing the opportunity presented by the announcement and the smooth transition of the project, ben.eth (cleverly) utilized the buzz surrounding the sale to initiate the pre-sale of $PSYOP.
Furthermore, $PSYOP holders were advised not to move or sell their tokens to ensure they wouldn’t miss out on receiving more tokens in the upcoming second stage of the airdrop. As a result, selling pressure remained limited, and trading volumes were relatively suppressed. DEX Tools reported a mere $8.7 million in PSYOP traded in the last 24 hours.
Amidst the hype, there are also potential legal troubles looming over Ben.eth due to the presale. Mike Kanovitz, the owner of Loevy & Loevy law firm, publicly stated on Twitter his intent to file a class action lawsuit against Ben.eth unless an immediate refund of all ETH collected during the presale was issued. Although, he filed a counter-suit to retract the lawsuit filed against him.
Currently, several cases including defamation lawsuits have been filed against the curator, accusing him of scam. Also, a group of lawyers issued a stern warning to ben.eth, insisting on the repayment of investors’ funds, or else they would unite and pursue legal action against him.
Despite the immense buzz generated by Ben.eth’s $PSYOP meme coin, its debut has been marked by these contentious issues. However, you will find people saying completely opposite to this.
ben. eth have a bone to pick with Andrew Tate, aka Top G.
In a surprising twist, Ben, as the rumors go, has purportedly resorted to leveraging Andrew Tate’s name in a bid to captivate his own fanbase and generate an uproar about $PSYOP. Yet, Andrew Tate himself swiftly dismissed these allegations, taking to Twitter to set the record straight and provide a much-needed clarification.
Conclusion:
In conclusion, the story surrounding ben.eth’s $PSYOP tokens has been a melodrama mixed with a lot of controversy and speculation. Ben.eth, an anonymous figure in the crypto world, gained significant attention through his involvement in the memecoin trend. After promoting $PEPE, he embarked on his own memecoin journey by launching $BEN, which achieved remarkable success and garnered attention from influential figures like Bitboy.
Shortly after handing over control of $BEN to Ben Armstrong, ben.eth introduced $PSYOP. With a clear plan to leverage his popularity, ben.eth successfully raised a substantial amount in the $PSYOP presale. However, there is a lot of uncertainty and risk around the token, so it is advisable to steer clear of this volatile hotbed.
