If you have been active in the crypto world of recently, you have most likely heard about Ben.eth. And if you haven’t heard about him, you better pay more attention; otherwise you might be far behind the news.
In the dynamic realm of cryptocurrencies, certain individuals emerge as captivating figures, capturing the attention and curiosity of the community. This pseudonymous individual has recently made headlines with his astonishing accumulation of over 10,000 ETH (Ethereum) tokens, valued at approximately $19 million.
Ben.eth’s path to prominence within the crypto landscape has been a gradual and strategic one. With a history of early involvement in the NFT world since joining Twitter in April 2021, he has positioned himself favorably to capitalize on the exponential growth of the web3 community.
According to Etherscan, Ben.eth’s wallet has received over 10,000 ETH, which is valued at approximately $19 million at the time of writing. This is a significant increase from the 3,700 ETH that was reported earlier this month when he first started the controversial PYSOP token craze.
The exponential growth came from Ben announcing yet another new controversial token airdrop called $Loyal where he again encouraged his followers to send Eth to his wallet to be eligible for the airdrop.
3RD TIME IS A CHARM.
— ben.eth (@eth_ben) May 27, 2023
MEMORIAL DAY WEEKEND.
IF YOU WEREN’T A BELIEVER BEFORE, NOW IS YOUR CHANCE TO BECOME ONE.
SEND TO BEN.ETH
OR
0x91364516D3CAD16E1666261dbdbb39c881Dbe9eE
FOR 33% OF THE ABSOLUTE TOTAL SUPPLY.
I WILL NOT HOLD THE SUPPLY OF THIS TOKEN HEAVY LIKE THE…
Many in the Crypto Community have been closely following Ben.eth’s movements with keen interest. Most of which believe that he will soon rug or scam his followers that have sent money to his wallet while at the same time, others believe he is changing the way things are in the ecosystem. A.K.A “Breaking the matrix”
Web3 has never been so exciting - all thanks to @eth_ben. He’s breaking the Matrix. pic.twitter.com/xrHUmjMRAf
— TwoRules.eth 🐸 (@_kwux_) May 29, 2023
Regardless, its still early to tell whether Ben will deliver on his promises or become the new big scammer in the space given that he is jumping from one project to another without focus and without even delivering well on the promises he made in the first place.
It’s so weird and interesting to see how so many people have been pulled into this Lure. It probably could be because Ben.eth is a genius marketeer, or a FOMO. This could also be that the typical person active is the crypto and meme coin space at the moment and is purely a “degen” or a “degenerate” trader. He could be a trader willing to take on high-risk trades and investments, aiming for significant profits in a short time.
While Ben.eth’s approach can be lucrative, it also comes with a high degree of risk. His antics have attracted all kinds of people sending him crypto to his wallet even when most of them are totally clueless on how things work in this space.
One of the proficient web3 detectives ZachXBT recently revealed that over 112 people sent Eth to Ben.eth’s wallets from Centralized exchanges. This means that these people might never receive the equivalent of the tokens they were trying to buy, given those wallets from centralized exchanges cannot receive airdrops since they are not controlled by individuals.
For the latest ben.eth presale 112 people have now sent 21.3 ETH ($39.5k) in total from their exchange accounts.
— ZachXBT (@zachxbt) May 28, 2023
Not sure how these on-chain clowns expect to receive their tokens.
Implications of Ben.eth
Ben.eth’s extraordinary accumulation of over 10,000 ETH and his introduction of $BEN, $Psyop, and $Loyal tokens carry significant implications for the broader crypto ecosystem.
Firstly, it reinforces the potential for wealth creation within the cryptocurrency industry. Whereas most people think we are in a crypto bear market, for one person to convince hundreds of people to send him such amounts of money in such a short time, goes further to show the opportunities available by actively engaging in the web3 ecosystem.
Furthermore, the introduction of these meme tokens with no proven utility yet, showcases the evolving nature of cryptocurrencies and the ability to foster meaningful and mutually beneficial relationships within the crypto community. By rewarding supporters and offering unique privileges, Ben.eth is cultivating a network of engaged and committed individuals, driving collaboration, and potentially catalyzing the development of groundbreaking projects.
There has been speculation that Ben could be paying some highly influential people in the ecosystem such as Beeple to push his agenda further. But as much as there is no concrete proof of whether these people are paid for promotion or not, if Ben goes down as a scammer, it’s likely that such people will go down with him.
SEND ETH!!! pic.twitter.com/a8TpaJ94pi
— beeple (@beeple) May 28, 2023
The fact that ben.eth holds all these funds in his personal wallet while at the same time trading other assets using his wallet comes with significant risks and there has been speculations that ben could use this as an excuse to run by claiming a hack or something of the like for a getaway ticket.
But all in all, only time will tell on whether we are witnessing the biggest crypto heist of 2023 or the breaking of the matrix. Coinsbtm will keep you updated on how all this unfolds.
