How an Ambitious Project's Promises Fell Short, Leaving Investors Reeling
PYSOP token has been making headlines in the crypto community recently, with mixed reactions from investors.
The memecoin with no real underlying value was created and Launched early 2023. by @eth_ben, a well-known crypto creator and blogger who solely owns 95% of the token.
An NFT symbolizing Ben-Eth’s Twitter profile picture occupies the central portion and only page of the token’s official website,
A number of social media influencers and creators promoted the token enthusiastically on various platforms creating a sort of hype that would excite any crypto enthusiasts, leading to many people sending Ethereum directly to ben.eth’s address to a tune of over $7M
In spite of the hype many problems rattled the project leaving early investors disappointed with many running to platforms like Twitter to express their disappointment and frustration.
Some have even called for a boycott of the token and refund of their investments due to the nature of shortfalls befalling the project
Several scam websites and wallets emerged since the project launched that have swindled several to-be investors in the project promising airdrops or early access to the project
The creator snubbed some of these requests publicly on his twitter
SHOULD I REIMBURSE PEOPLE FOR CLICKING SCAM LINKS?
— ben.eth (@eth_ben) May 20, 2023
Some investors claimed to have been given less amounts of the token than they paid for.
This was first noticed by @SOL_Redbeard. A user on twitter who goes by the names “Redhead”. He shared his experience to confirm if it was an isolated issue.
His suspicions were later confirmed when another user @S117.ETH exchanged 60ETH approximately $110,000 only to received 5 cents worth of the token $PSYOP in exchange. This came to light when he expressed his disgust on twitter.
.@eth_ben dude what the fuck happened??? Why am I only getting like 5 cents worth of $PYSOP for this!!!!!!
— S117.eth 💖 (@S117doteth) May 19, 2023
YOU better send a refund back right now this is fucking insane I trusted you on this and this pool wasn't setup right and you should have fucking disabled it wtf wtf pic.twitter.com/GZJCOpL9Oa
An analysis conducted by Lookonchain, a blockchain analytics platform, found many investors faced the same challenges.
In a thread on its Twitter page, several $psyop transactions with the same defects were brought to light. This confirming issues with the token distribution process.
ben.eth airdropped $PSYOP again.
— Lookonchain (@lookonchain) May 20, 2023
This guy who sent 29 $ETH to participate in the presale received a total of 25.5M $PSYOP.
If he sells all $PSYOP now, he can get 14 $ETH back, and still lose 50% of funds.https://t.co/pDGX6FY6RV pic.twitter.com/pwFBhDXz06
According to reviews posted online, the token has failed to live up to its promises.
Ben eth the creator has been very vocal on twitter defending his project and appealing to investor to be patient as they rectify the issues associated with the token and continues to promise investors high returns if they only exsersie “Diamond Hands”
However, LOEVY&LOEVY a law firm recently issued a statement through its co-founder stating their intent to file a class action lawsuit against the creator of the token demanding he refund all the tokens that were purchased in the presale immediately.
To @eth_ben and @psyopeth :
— Mike Kanovitz (@MikeKanovitz) May 19, 2023
My law firm, Loevy & Loevy, will be filing a class action against you in your IRL name if you do not refund all of the $PSYOP presale purchasers immediately.
Our settlement demand letter has served as an NFT to your ben.eth address, viewable here:… pic.twitter.com/qaxhECDUhb
Furthermore, some have accused the developers and the outrage has spilled over onto social media.
In response to the backlash, the Devs of PYSOP have issued a statements apologizing for any confusion or disappointment caused by the project.
They have also promised to take steps to address the issues raised that are within their control.
Overall, the launch of PYSOP crypto token has been a mixed bag, with some investors seeing a huge potential for positive results and others experiencing disappointment and outrage.
The question remains. Is $PSYOP by Ben–eth a safe investment or SCAM? We leave that to you to decide.
As with any investment, it is important to do thorough research and due diligence before investing in any crypto project.
