Early investors in PSYOP tokens are losing more than half of their investment. Some members of the crypto community have labeled the asset as a scam.
Lookonchain reported how some traders who participated in the PSYOP presale received airdrops worth half of their investment.
Early Investors in Loss
One address, 0xf4ae, spent 29 ETH on a presale, receiving more than 5 million PSYOP units as an airdrop. These airdropped tokens are worth less than 3 ETH, representing a loss of over 90% for the investor.
The same is true for other top participants in the presale. Veg.eth sent 21 ETH and received 3.7 million PSYOP worth 2.15 ETH and hot.izebel.eth sent 20 ETH and received 3.5 million PSYOP worth 2.05 ETH.
Interestingly enough, the problem does not only concern those participating in the pre-sale, because the trading of the token is also not profitable. Hot.izebel.eth bought 3.97 million PSYOP for 2.28 ETH but sold it for 2.2659 ETH and paid a gas fee of 0.052 ETH.
Although Ben.eth promise more airdrops, it’s not clear how that will help investors cover their losses. After the second round of airdrop, the address that participated in the presale with 29 ETH received 25.5 million PSYOP worth 14 ETH, Lookonchain said.
PSYOP Scam Found
Media studio Psyop has removed itself from memecoin after some members of the community linked the asset to the firm. The studio described the PSYOP signal as a complete scam, putting with whom he has no relation.
ZachXBT has alerted the public about the sign, tweet about the unreliability of the founder of the project. There are several other community members at Put down the sign as a scam.
Meanwhile, the hype surrounding the sign led to the launch of several similarly named assets. On May 18, Ben.eth had to denial that he was yet to release a signal.
PSYOP Creator Threatens Lawsuit
On May 20, Mike Kanovitz, a partner at the law firm Loevy & Loevy, revealed that his firm would be filing a class action lawsuit against the founder of PSYOP tokens if it failed to refund the presale of the token to participants.
The letter said Ben.eth could face charges of racketeering, wire fraud, and misleading investors. Kanovitz also said investors could receive up to $21 million in damages.
Ben.eth made over $7 million from the pre-sale and made several claims about the PSYOP token, including linking it to Andrew Tate.
Adhering to Trust Project guidelines, Topcripto is committed to unbiased, transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify facts and consult a professional before making any decisions based on this material.
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