The PSYOP Token Scam: Investors Hit Hard as Funds are Halved
In a highly unconventional launch of the PSYOP meme coin by Ben.eth, investors who participated in the presale seem to have suffered substantial losses, leading some to label the token launch as a “scam.”
An analysis conducted by the on-chain analytics Twitter account @lookonchain revealed that several major investors in the PSYOP presale received significantly fewer airdropped tokens than expected.
Unveiling the Dark Side: PSYOP Token Scam Leaves Investors Reeling
For instance, a wallet beginning with 0xf4ae sent 29 ETH to Ben.eth but only received approximately 25.5 million PSYOP tokens, equivalent to around 14 ETH.
This discrepancy implies a loss of nearly half of the initial investment.
In an attempt to rectify the situation, Ben.eth has pledged to distribute additional tokens through airdrops, which may help mitigate the losses suffered by investors such as 0xf4ae.
Despite this assurance, there are others who have labeled the entire meme token launch as a scam.
A Twitter account going by the name @vydamo_, who claims to have collaborated with Ben.eth on the initial $PSYOP contract, has accused Ben.eth of unprofessionalism and instability.
In a series of tweets, @vydamo_ stated that there is credible evidence suggesting Ben.eth’s lack of intent for a fair launch or a genuine project.
Moreover, Ben.eth has received a legal threat from Mike Kanovitz, a partner at the law firm Loevy & Loevy, demanding the refund of the ETH sent by presale investors for the PSYOP airdrop.
Kanovitz has indicated that Ben.eth could face charges related to racketeering, wire fraud, and misleading investors. The legal notice was sent to Ben.eth as an NFT via the blockchain.
Don’t Fall for Scams: Explore Three Reliable Coins to Protect Your Funds
Given the recent PSYOP incident, it is crucial for investors to exercise caution when considering participation in dubious presales, similar to the one offered by Ben.eth.
Instead, it is advisable to invest in projects that possess fair and audited token contracts, have transparent project creators, and demonstrate a concrete plan to provide value to early investors.
This can be determined through the presence of a well-defined white paper and business plan.
— Lookonchain (@lookonchain) May 19, 2023
To assist investors in identifying trustworthy projects, the team at PerseusCrypto.com recommends 3 tokens with promising potential:
This is not financial advice. Cryptocurrency investments involve risks. Make investment decisions based on personal research, analysis, and risk tolerance. Consult a qualified financial advisor for guidance.
- AiDoge (AI):
AiDoge is an AI-powered meme-generating tool and social media platform.
It offers a unique use case by enabling users to create memes using groundbreaking generative AI technology and share them within the AiDoge community.
The platform rewards creators of popular memes with the native $AI token, introducing the concept of “meme-to-earn” (M2E) into reality.
AiDoge has already raised an impressive $11.6 million through a successful public presale, making it an attractive investment opportunity.
2. Love Hate Inu (LHINU):
Love Hate Inu is a meme coin that powers a blockchain-based social media polling platform.
It allows users to express their opinions on divisive figures such as Elon Musk, Cristiano Ronaldo, Donald Trump, and Andrew Tate.
Combining the appeal of meme coins with controversial current affairs and offering a clear utility, Love Hate Inu has already experienced a significant rally shortly after its launch on the major cryptocurrency exchange OKX.
With its potential for virality, Love Hate Inu could become a notable player in 2023.
3. Ecoterra (ECOTERRA):
Ecoterra serves as the native cryptocurrency for a blockchain-powered green ecosystem that incentivizes environmentally friendly behavior.
The ecosystem comprises a Recycle to Earn (R2E) platform, a carbon offset marketplace, a marketplace for recycled materials.
Disclaimer: Please note that the following information is provided for general knowledge and informational purposes only. It is important to remember that this is not financial advice. Cryptocurrency investments carry inherent risks, and any decision to invest should be based on personal research, analysis, and risk tolerance. Always consult with a qualified financial advisor or do thorough due diligence before making any investment decisions.