The case of spamming tokens under the boom of meme coins, the wonderful deeds of $BEN and $PSYOP

2023/05/27 12:27
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In the recent upsurge of meme coins, the rising opportunity of no gimmicks has brought opportunities for any strange currency in an instant, and even derived a bizarre way of issuing coins similar to IKO (Initial Kol Offering). $BEN and $PSYOP are just like that. Born in the opportunity of the coin, retail investors don't care about the various controversies of the coin issuers, as long as it is possible to rise anyway.

It all started with the Memecoin Rebellion

After the recent rise of meme coins such as PEPE and WOJAK, Ben.eth, who has more than 10,000 followers on Twitter, began to post frequently recommending related meme coins.


— ben.eth (@eth_ben)May 4, 2023

Ben.eth issued $BEN

Perhaps under the cover of meme fever, any newly issued ERC20 token may attract attention, Ben.eth decided to issue its own token "BEN" in early May.

After BEN was listed on DEX on May 5, it once rose by 17,177%, but then collapsed by -86%.

However, it can also be seen from the picture below that the bizarre story is not over yet. A Bitboy (Ben Armstrong) , who had an extremely bad reputation and was voted by on-chain detective ZachXBT as the top ten worst KOL , started tweeting in support of the BEN token, and then even took over the meme coin.

Bitboy takes over $BEN

He announced on May 9th that he became a member of the BEN team and gave BEN another meaning: "Be Everywhere Now".

Then Bitboy issued a major announcement on May 12 saying that he will officially take over the tokens, and Ben.eth will transfer all $BEN liquidity to him within a week, and Ben.eth will remain in the team as an advisor middle.

$BEN also rose again.

HUGE $BEN Announcement

I did not launch the project. But I am now taking it over 100%. @eth_ben and I have agreed in principle to an agreement where all of the assets and liquidity for @bencoin_eth will be transferred to me within a week. @eth_ben will become an advisor.

— Ben Armstrong (@Bitboy_Crypto) May 11, 2023

Ben.eth issued new currency $PSYOP again, attracting 7 million US dollars

Ben.eth immediately announced the re-issue of new coins after selling -20232023202320232023-5 (deleted tweet ):

You have all seen my contribution to $BEN, now it is the turn of $PSYOP, I plan to continue to open the pre-sale financing address, if it gets too out of control, I will close it, I hope to be as fair as possible, push The deletion of the text means the end of the pre-sale.

According to the data recorded by the community wale.swoosh , Ben.eth raised more than one million US dollars within one hour, and finally received 3,792 ETH, with a price of about 6.93 million US dollars at that time.

Perhaps the amount is not an exaggerated figure, but it is close to the $8.2 million recently raised by Florida governor and US presidential candidate Ron DeSantis. What's even more strange is that people don't seem to care that Ben.eth just killed him The first project was abandoned to the controversial Bitboy, it might just go up anyway.

Brainless entry BEN, PSYOP, do you all make money?


Up to now, it has dropped 31.94% from the high point. If it enters the market on the day of listing, it will have a 16,724% increase.


It has fallen by about 34% from the high point on the 23rd, but if you enter the market in the early stage, PSYOP is currently up by about 191%.

But will things go so smoothly and everyone make money?


Many crypto communities are surprised by speculators and the performance of these two tokens. Some people want to take a gamble on such a bizarre way of issuing tokens similar to IKO (Initial Kol Offering), which is labeled as Rugpull and fraud. , it is not without reason that cryptocurrencies need to be regulated.

The community points out the suspiciousness of the two, and the KOL’s inconsistencies:

1. After Bitboy took over, he issued a document promising to hold $BEN half a year, and sell the tokens six days later

On-chain detective ZachXBT retweeted the news that Bitboy previously promised to hold coins, but dumped the tokens. The community has commented that Bitboy is a clown, sarcastically expressing :

This is like people say that the currency circle lives for a year in the world every day, and Bitboy only sells the currency after holding it for six years, which is still very good.

2. Ben.eth once controlled $PSYOP 90% of the circulation

.$PSYOP , the new #memecoin launched by $BEN creator @eth_ben has a horrible token distribution.

93.45% of the total supply is controlled by @eth_ben
5% belongs to liquid pool.

It means @eth_ben received $6.5M and send donors 1% of his new token.

— 0xScope (🪬 . 🪬) (@ScopeProtocol) May 22, 2023

3. The law firm requires the return of funds raised by users, otherwise it will file a class action against Ben.eth and psyopeth

Previously, the encryption community atozy also revealed how Bitboy paid to promote junk coins, and through the entry of trackers to promote dumping, but was immediately sued by Bitboy, and the well-known KOL Cobie also donated 100,000 USDC as legal expenses.

Bitboy is full of so many controversies, but Twitter followers are as high as 1 million, almost three times that of BitMEX founder Arthur Hayes . Maybe most of the stalkers are there to watch jokes, but it more or less confirms that how long a liar can lie is determined by how stupid a fool is.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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