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New Altcoin in Trouble: Lawsuit Looming, Investors Demand Refunds

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People who own an altcoin that was launched just yesterday intend to sue after the token’s value dropped significantly.

There is news of a lawsuit being filed against the PSYOP altcoin, which was recently introduced by an anonymous Twitter user named ben.eth. It is claimed that the project is fake.

The anonymous founder, ben.eth, posted their Ethereum address on Twitter, promising to distribute the altcoin through an airdrop. Surprisingly, they managed to gather $7 million in a short period of time.

Nevertheless, numerous analysts and experts cautioned users that the token in question would have no value and advised them against sending tokens to the provided Ethereum address.

PSYOP token holders experience a 50% loss in just one day.

Based on the most recent information, individuals who possess PSYOP altcoins, which were distributed by ben.eth, have encountered a 50% loss. If they decide to sell their acquired PSYOP tokens, they would receive only half the amount of Ethereum they initially sent.

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Following the significant loss, Mike Kanovitz, a lawyer familiar with the cryptocurrency industry, stated that he intends to file a lawsuit on behalf of a group of people if ben.eth does not return the Ethereum tokens they received.

Loevy & Loevy, my law firm, will take legal action against eth.me and PSYOP under your real identity unless you promptly reimburse all PSYOP presale purchasers. We have sent a settlement request letter in the form of an NFT to your ben.eth address.

In retaliation, ben.eth announced their intention to file a lawsuit against Mike Kanovitz. There are significant suspicions that the token in question is involved in a pump-and-dump scheme. Numerous investors from Turkey have also expressed that they sent Ethereum to this individual with the expectation of receiving an airdrop.

Experts advise investors to steer clear of projects that promise unbelievably high profits to avoid being affected by such situations. Furthermore, individuals who request payments with promises of sending more money later should not be trusted or respected.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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