Key Takeaways

  • Ben.eth started his journey with the speculative BEN coin.

  • The Twitterati followed it up with an even more dubious PSYOP token.

  • Now, he plans to launch a new LOYAL digital asset.

Monkey with a gun. Source: Millennium Media

YEREVAN (CoinChapter.com)- Already infamous virtual asset madman Ben.eth intentionally makes waves in crypto circles thanks to his three schizoid token projects that will scratch the head of anybody with a functional brain.

Where Did Ben.eth Sprout From?

Initially, Ben Dot eth started his crypto voyage in 2017 as an NFT collector. However, he entered the limelight in May 2023 after launching his namesake memecoin, ‘BEN,’ amidst the Pepe (PEPE) frenzy.

BEN failed to gather adequate users in the early days, not until crypto influencer BitBoy bought it, prompting a 100% price surge. But, on May 17, Bitboy dumped his entire BEN holdings, effectively rug-pulling his way out. Ben.eth did the same.

Later, Ben.eth launched his second coin, ‘PSYOP,’ raising more than $9 million worth of ETH in its initial sales. After that, however, Ben.eth moved the funds out of his wallet, leaving only $6.3 million remaining at his address.

Ben.eth’s ETH balance. Source: Etherscan

PSYOP also proved unprofitable and unreliable since presale investors lost over 90% of their token holdings.

At this point, BEN and PSYOP are “Pump and Dump” schemes.

The Memecoin Insanity Continues

On May 27, Ben.eth announced that he would launch another coin called ‘LOYAL’ as part of his trilogy of virtual assets.

Yet again, he wants investors to pay for the tokens in ETH and “promises” to improve on his previous mistakes. Ben.eth has raised $10 million so far in the presale of LOYAL.

This type of business decision inspires only distrust. This project will most likely end up like all the others he did.

Warnings

Analysts also warn about LOYAL and heavily question Ben.eth’s motives.

On-chain analyst ZachXBT expresses his lack of surprise regarding the nature of the LOYAL presale in his tweet, citing Ben’s public record. Investor and Trader CryptoTony warned the community by saying:

“Absolutely mental to anyone sending this guy money.“

The Bottom Line

There’s already a cohesive pattern present in Ben.eth’s actions. He uses social media hype and bad press to his advantage to promote his seemingly fraudulent projects.

People like Ben.eth are willing to stimulate any type of Twitter drama to push the said project, no matter the reputational cost. Projects like PSYOP and BEN have no intrinsic value or utility behind them. They only serve as sources of speculative profit — resembling casinos.

Ventures of this kind strangely exist in a void of identity.

Everyone enjoys protection within this cloak of anonymity, where actions do not carry responsibility.

Ben.eth doesn’t force participation, yet, at the same time, provides false promises and expectations that ultimately mislead naive investors.

In the end, he can’t be trusted. Steer Clear, Amigos!

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