PSYOP Founder Accused Of Misleading Buyers, Requested Refund For The Presale
- Ben.eth is facing a class-action lawsuit for intentionally misleading buyers and reneging on promises.
- The law firm is demanding a refund for all presale buyers, warning of potential legal consequences, including wire fraud and treble damages.
The founder of the PSYOP token faces a class-action lawsuit for allegedly misleading buyers and reneging on promises. The letter warns of legal consequences. He responded by calling the lawyers “true grifters.”
Recently, Ben.eth, the founder of the PSYOP token, has been surrounded by controversy for handling the presale. In a letter sent via NFT, a law firm known as Loevy & Loevy, sent a letter via NFT demanding that Ben.eth refund all presale buyers or face a class-action lawsuit. The letter accuses him of intentionally misleading buyers and reneging on promises. It also warns of potential legal consequences, including wire fraud and treble damages.
And, to be clear, the term “fuck up” is overly generous to you. There is every reason for a jury to find that you intentionally misled the buyers, having made and reneged on serial promises and used a manipulative launch strategy with the way you structured the LP pools and trickled out the tokens. At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you (7 million becomes $21 million).Mike Kanovitz wrote in the letter
In response, Ben.eth called the lawyers “true grifters” and claimed to own nothing in his name. Many of the community have disapproved of the letter; some call it unprofessional and embarrassing, “Ok I won’t lie, this is a terribly written letter- it can’t be real.“
In a previous tweet, he warned token holders not to move their PSYOP tokens if they want to receive extra tokens in the future, and he has promised not to sell his PSYOP supply, only give it out to holders.
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