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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.
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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.
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