Early investors in PSYOP tokens have started losing more than half of their investments. Many members of the crypto community have labeled this asset as a scam.
Lookonchain reported that many investors who participated in the PSYOP presale now have airdrops worth only half of their initial investment.
Early Investors at a Loss
An investor with the address 0xf4ae spent 29 ETH in the presale and received over 5 million PSYOP tokens as an airdrop. However, these airdrop tokens are worth less than 3 ETH, causing the investor to suffer a loss of over 90%.
The situation is the same for other people who participated in the presale. Veg.eth sent 21 ETH and received 3.7 million PSYOP tokens worth 2.15 ETH. Hot.izebel.eth sent 20 ETH and received 3.5 million PSYOP tokens worth 2.05 ETH.
Interestingly, buying and selling the token is not profitable either. Hot.izebel.eth received 3.97 million PSYOP tokens for 2.28 ETH but sold them for 2.2659 ETH, paying a gas fee of 0.052 ETH.
Ben.eth has promised to make more airdrops, but it is unclear how these airdrops will compensate investors for their losses. According to Lookonchain, an address that participated in the presale with 29 ETH received 25.5 million PSYOP tokens after a second airdrop round, which is worth 14 ETH.
PSYOP Labeled as a Scam
After community members associated the PSYOP token with this company, Psyop media studio distanced itself from this memecoin. The studio stated that the PSYOP token is a complete scam and that they have no involvement in this situation.
ZachXBT warned the community about this token and tweeted about the founder’s credibility. Many other community members also labeled this token as a scam.
PSYOP Founder Threatened with Lawsuit
On May 20, Mike Kanovitz, a partner at the law firm Loevy & Loevy, stated that they would file a class action lawsuit against the founder of the PSYOP token if they do not refund investors who participated in the presale.
Kanovitz stated that Ben.eth could face charges of fraud, telegraph fraud, and misleading investors, and added that investors could receive up to $21 million in compensation.
Ben.eth made over $7 million from the presale and made many claims about the PSYOP token, including linking it to Andrew Tate.
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