5.8 C
London
Monday, February 26, 2024
HomeAlt CoinsLaw firm threatens class action suit against disastrous $PSYOP memecoin

Law firm threatens class action suit against disastrous $PSYOP memecoin

Date:

Related stories

Can BRICS Launch a New Currency & Jeopardize the US Dollar?

The BRICS alliance is aiming to launch a new...

BRICS to Launch a Single Currency Similar to Euro?

The BRICS alliance is looking to work on an...

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.12 trillion with a 24-hour volume of $24.75 billion. The price of Bitcoin is $26,865.14 and BTC market dominance is 46.3%. The price of Ethereum is $1,809.71 and ETH market dominance is 19.4%. The best performing cryptoasset sector is Yield Farming, which gained 8%.
Top Up and Start Earning Daily Interest on Your Crypto
The project raised $7 million but has not yet distributed 90% of allocated funds.
Cover art/illustration via CryptoSlate
An attorney posted a legal threat on May 19 in an attempt to force the creator of the $PSYOP memecoin to return funds to investors.
Mike Kanovitz, a partner at Loevy & Loevy, posted a letter on Twitter that reads:
“A refund is the stand-up thing to do. You’ve made promises and failed to live up to them. Anyone … knows that if you f— up on delivering what you promised, the customer gets a refund.”
In fact, Kanovitz asserted that $PSYOP creator Ben_eth did not accidentally “f— up” but deliberately misled token buyers, broke promises, and misstructured liquidity pools. Most importantly, he said that the project released tokens in a “trickle,” an allegation supported by tweets that admit that 90% of the $PSYOP allocation is still unreleased.
The attorney suggested that Ben_eth could be guilty of wire fraud and said that this is a predicate act for racketeering. He added that this could force Ben_eth to pay $21 million in damages in spite of the fact that the $PSYOP sale only raised $7 million.
Kanovitz said that if Ben.eth does not refund investors, Loevy & Loevy will file a class action suit in Arizona. He said that Ben_eth’s communications will be subpoenaed and that the names of Ben_eth and his collaborators will be revealed in the process.
The letter immediately attracted criticism due to its casual tone, typos, and lack of approval from Kanovitz’s legal partner Jon Loevy.
The legal threat has been dismissed by Ben_eth, who called the letter “so unprofessional it could get [the firm] in trouble with the bar association.” He also ridiculed Kanovitz for sending the letter as a non-fungible token on the Ethereum blockchain.
It is unclear whether the proposed lawsuit has legal grounding.
However, $PSYOP itself has little integrity or substance despite the fact that it has raised $7 million. The project was denounced by a media studio with the same name on May 19, and a scammer has tried to imitate the token launch in a phishing scheme.
Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.
CryptoSlate’s latest market report dives deep into the effect rising fees had on public Bitcoin miners and analyzes their performance in the wake of rising revenues.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Explore the PSYOP token drama as its creator accuses a rival of imitation, and an independent media studio condemns the project as a scam from top to bottom.
Cardano founder Charles Hoskinson said Ergo is what Ethereum Classic should have been because it “continues to innovate [and] has a purpose.”
David Schwartz clarifies CBDC Platform is XRP compatible – however, it remains to be seen if central banks opt to utilize the token.
Bitcoin reaches 50,000 block milestone, fueling bullish sentiment.
Users voice concerns that the Ledger Recover feature is another potential attack vector — storing recovery phrases and ID online.
ChatGPT web browsing and plugins come out of Alpha as Plus users gain access
The anonymous vigilante reportedly found 986 unique Bitcoin addresses between March 2022 and April 2022 that they claimed were used by Russian security agencies.
Dennis Porter said ‘We are winning’ in response to the state of North Carolina passing bill blocking CBDC payments.
Blockchain analytical firm Arkham Intelligence reported that over 50 addresses hold more than $1 million worth of PEPE.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy

Please add [email protected] to your email whitelist.
Stay connected via

source
Source: Cryptoslate.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here