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NFTs News

Ben.eth Demands Settlement Via NFT After $7M Token Sale Frenzy

May 21, 2023 - Around 3 mins mins to read

Key Points:

  • A lawyer served a settlement demand via NFT to an alleged influencer known as ‘Ben.eth’ regarding a manipulative launch strategy used on a recent $7 million token presale.
  • The influencer may be guilty of wire fraud and may face a treble damages award against them.
  • The letter suggests a refund as the “stand-up thing to do” and threatens legal action if refunds aren’t provided. It also suggests a subpoena on the alleged influencers’ communications and reveals potential legal consequences if not resolved.
NFT influencer known as ‘Ben.eth’ has recently been served with a settlement demand via NFT, which accused him of wire fraud “at a minimum” on a recent $7 million token presale.
Influencer Demands Settlement Via NFT After $7M Token Sale Frenzy

Lawyer Mike Kanovitz, a partner at Loevy & Loevy, took to Twitter on May 20 to state that a “settlement demand letter has served as an NFT” to the wallet address associated with the alleged influencer. Kanovitz alleged that Ben.eth “used a manipulative launch strategy” over how the Liquidity Pools (LP) were structured and the way that the tokens “trickled out” on the recent presale for his token $PSYOP. Shortly after the accusation, Ben.eth tweeted that 50% of the tokens have been sent out and “the rest will be sent in short order.”

The letter from Kanovitz further stated that Ben.eth was guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against him. The letter demanded a refund, and warned of potential legal action if refunds weren’t provided. Kanovitz threatened a subpoena on the alleged influencer’s communications which he said would put the final nails in the coffin. Furthermore, he suggested a potential “painful” process for Ben.eth, following a court filing, if the letter is not cooperated with. Kanovitz further added that he will reveal the in-real-life (IRL) identities of the influencers’ co-conspirators.

In response to the letter hours later on May 20, Ben.eth said the letter is “so unprofessional it could get them in trouble with the bar association.” Despite this, Kanovitz concluded the letter stating “you are engaging in real fraud, and it is hurting real people. There will be consequences if you don’t make it right.”

Kanovitz and Ben is quite intense, with the former alleging the latter of serious wrongdoing. However, without further information, it is difficult to say who is in the right. Nevertheless, it is important that such allegations be taken seriously, especially when they involve such large sums of money. Only time will tell how this situation will unfold, and what the ultimate outcome will be for everyone involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

ben.eth

NFT influencer

Sale Frenzy

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
NFTs News

Ben.eth Demands Settlement Via NFT After $7M Token Sale Frenzy

Key Points:

  • A lawyer served a settlement demand via NFT to an alleged influencer known as ‘Ben.eth’ regarding a manipulative launch strategy used on a recent $7 million token presale.
  • The influencer may be guilty of wire fraud and may face a treble damages award against them.
  • The letter suggests a refund as the “stand-up thing to do” and threatens legal action if refunds aren’t provided. It also suggests a subpoena on the alleged influencers’ communications and reveals potential legal consequences if not resolved.
NFT influencer known as ‘Ben.eth’ has recently been served with a settlement demand via NFT, which accused him of wire fraud “at a minimum” on a recent $7 million token presale.
Influencer Demands Settlement Via NFT After $7M Token Sale Frenzy

Lawyer Mike Kanovitz, a partner at Loevy & Loevy, took to Twitter on May 20 to state that a “settlement demand letter has served as an NFT” to the wallet address associated with the alleged influencer. Kanovitz alleged that Ben.eth “used a manipulative launch strategy” over how the Liquidity Pools (LP) were structured and the way that the tokens “trickled out” on the recent presale for his token $PSYOP. Shortly after the accusation, Ben.eth tweeted that 50% of the tokens have been sent out and “the rest will be sent in short order.”

The letter from Kanovitz further stated that Ben.eth was guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against him. The letter demanded a refund, and warned of potential legal action if refunds weren’t provided. Kanovitz threatened a subpoena on the alleged influencer’s communications which he said would put the final nails in the coffin. Furthermore, he suggested a potential “painful” process for Ben.eth, following a court filing, if the letter is not cooperated with. Kanovitz further added that he will reveal the in-real-life (IRL) identities of the influencers’ co-conspirators.

In response to the letter hours later on May 20, Ben.eth said the letter is “so unprofessional it could get them in trouble with the bar association.” Despite this, Kanovitz concluded the letter stating “you are engaging in real fraud, and it is hurting real people. There will be consequences if you don’t make it right.”

Kanovitz and Ben is quite intense, with the former alleging the latter of serious wrongdoing. However, without further information, it is difficult to say who is in the right. Nevertheless, it is important that such allegations be taken seriously, especially when they involve such large sums of money. Only time will tell how this situation will unfold, and what the ultimate outcome will be for everyone involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News