27 May 2023 14:12, UTC
Reading time: ~3 m
Pseudonymous NFT collector Ben.eth managed to build his controversial empire amidst PEPE meme coin frenzy, as well as linking crypto influencers and media personalities to his scam meme coins. After duping millions of dollars of investors’ money from $BEN and $PSYOP rug pulls, degen meme coin creator Ben.eth today announced plan to launch another meme coin dubbed $LOYAL.
Who Is Ben.eth and the Controversy Behind Scam Meme Coins
NFT collector Ben.eth started his crypto journey in 2017 and entered NFT in 2021. Since then, he’s been an active member of the NFT community but was not a major influencer. He gained popularity in May after promoting PEPE meme coin and launching $BEN meme coin to try his luck in the meme coin season.
Initially, he completely failed with $BEN but the token gained pace after popular crypto content creator BitBoy decided to buy it. After the initial success, Ben.eth announced to launch $PSYOP meme coin through presale. On May 17, BitBoy sold all $BEN tokens. However, Ben.eth was able to raise over $9 million worth ETH from $PSYOP presale and other tokens sale.
Ben.eth wallet address value increased from $2600 on May 3 to $9.28 million on May 23. However, the funds have been moved out of the wallet address. The current balance now stands at 3450 ETH worth $6.3 million, as per Etherscan.
Ben.eth Wallet Balance. Source: Etherscan
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Ben.eth Launching $LOYAL Meme Coin
On May 27, Ben.eth announced launching another scam meme coin on Memorial Day naming it $LOYAL. He seeks people to send ETH to his wallet address and promises to not keep this supply as other prior tokens.
Other meme coins he launched pumped and dumped. The new meme coin is also expected to be a rug pull. Thus, the crypto community should keep away from such coins.
3RD TIME IS A CHARM.
MEMORIAL DAY WEEKEND.
IF YOU WEREN’T A BELIEVER BEFORE, NOW IS YOUR CHANCE TO BECOME ONE.
SEND TO BEN.ETH
FOR 33% OF THE ABSOLUTE TOTAL SUPPLY.
I WILL NOT HOLD THE SUPPLY OF THIS TOKEN HEAVY LIKE THE…
— ben.eth (@eth_ben) May 27, 2023
BEN and PSYOP creator ben.eth is threatened with class action lawsuits for misleading investors and alleged wire fraud charges. Mike Kanovitz, a partner at law firm Loevy & Loevy, and CEO at Jurat Blockchains, filed a lawsuit against ben.eth if he doesn’t refund PSYOP presale buyers.
On-chain sleuth ZachXBT has also shared proof of misleading investors and raising 10,000 ETH from PSYOP presale. He also warned that Ben.eth is retweeting hacked Steve Aoki, Psyop phishing scammer, Jared MEV Bot Owner impersonator.
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