Good day everyone,
I hope you are all well, welcome to CryptoGod-1’s blog on all things Crypto. In this post I am going to be writing about the infamous NFT collector, turned meme coin creator, and most notably scammer, who has pocketed about $7 million on the presale of the ever delayed $PSYOP.
$PSYOP
A memecoin creator who has risen to prominence over the past few weeks has managed to pocket themselves a cool $7M worth of ETH. Known as Ben.eth, they launched a token known as BEN on the 6th of May 2023, and four days later it had a $72M market cap. Soon after, on the 12th of May, they announced the upcoming launch of a new memecoin known as PSYOP. To lure in investors, they were told to send ETH to his wallet to secure an allocation. As all good scammers do, they lured in their audience and thats exactly what the followers did. About 3,843 ETH was sent the Ben.eth's wallet address and continue to invest in the 'upcoming drop' even though the PSYOP launch has been postponed multiple times since the announcement.
Many have pointed to the sheer pandemonium in the market over recent weeks due to all the memecoins in the space, with some pundits wondering whether this is the beginning of a new crypto bull run. The hype and potential to earn millions has seen these followers fork over more than $7M worth of ETH, likely hoping to get in early on the next $PEPE, which rocketed to a $1.8B market capitalization in early May.
Others have warned that these greedy investors are prime targets for scammers, falling for their own FOMO and handing over precious ETH to the scammers without knowing anything about a project, or developer. This will lead to rug-pulls, exploits, or allow the developers to deploy other malicious code for further wallet scams. Beware of the FOMO.
Who is Ben.eth?
Having been active on Twitter as a NFT collector, he quickly rose to memecoin stardom after launching his token BEN on the 6th of May 2023.The token was linked with the ‘Ben DAO’ Telegram group, and was self described as a bunch of crypto traders who go by the name Ben. Soon after a controversial crypto influencer known as Ben Armstrong get involved and began to promote the token to his one million followers.
This saw the price of the token spike by 500% in a huge rally over 24 hours, an Armstrong later decided to take over the ownership of the project after the pair agreed on an undisclosed deal. Within this deal is is believed that Ben.eth has agreed to transfer his BEN liquidity provider tokens to Armstrong.
Developers and Community Bite Back
Ben.eth did not disappear from there however, as he was announcing his new project PSYOP soon afterwards, which has led to the latest developments and issues for his followers. It was a ormer FTX and Ethereum engineer, Vydamo, who called out Ben.eth by laying claims the influencer may not have his communities interests at heart.
He claimed the smart contract being used for the PSYOP token would allow PSYOP to be transferred from any whitelisted wallet holding the token to another wallet. Immediately this raises a red flag on how legitimate the contract is, and the token. He also noted how the contract also imposes varying fees on PSYOP sales depending on what other NFTs are held in the wallet, with those who own a Milady reportedly facing a hefty 30% fee on their sales, ten times what others would face. Vydamo noted:
“I have never worked with someone more unprofessional or deranged, and due to this I left the team before payment. I have credible evidence that Ben does not intend for this to be a fair launch or even project.”
They apparently walked away from $1M worth of PSYOP tokens to blow the whistle on the project, although Ben.eth was quick to share the thread and dismiss the allegations as a bunch of FUD.
Vydamo was not the only one to call out the project, with a Twitter user by the name of @MikeKanovitz claiming he has sent Ben.eth a NFT of legal paper which is a suit being laid at the creator. They are apparently looking for the ETH of all early investors into PSYOP be returned or the lawyers, Loevy & Loevy, will be aiming to take Ben.eth for everything.
Undeterred, Ben.eth simply remarked they have nothing in their own name and it would be impossible for anybody to find or get them. Interesting developments for sure, and somewhat funny as if Ben.eth is scamming, it is nice to see people standing up to his actions. Only time will tell how legitimate, or not, the project and creator is.
Have a great day.
Peace. CryptoGod-1.
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