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Influencer served settlement demand via NFT following $7M token presale

Press Releases Crypto News Cointelegraph Influencer served settlement demand via NFT following $7M token presale

A nonfungible token (NFT) influencer has been served with a settlement demand via an NFT — which casually dropped the “F-bomb” several times — alleging that the influencer engaged in wire fraud “at a minimum” on a recent $7 million token presale.

On May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy, stated in a tweet that a settlement demand letter had been served as an NFT to the wallet address associated with the influencer known as Ben.eth, whose real identity remains undisclosed.

To @eth_ben and @psyopeth :
My law firm, Loevy & Loevy, will be filing a class action against you in your IRL name if you do not refund all of the $PSYOP presale purchasers immediately.
Our settlement demand letter has served as an NFT to your ben.eth address, viewable here:… pic.twitter.com/qaxhECDUhb

— Mike Kanovitz (@MikeKanovitz) May 19, 2023

He alleged that Ben.eth “used a manipulative launch strategy” for the Psyop (PSYOP) token, which raised $7 million in its initial presale over 72 hours.

The concerns revolved around how the liquidity pools (LP) were structured and how the tokens “trickled out” after the presale.

Shortly after the letter was published on Twitter, Ben.eth tweeted that 50% of the tokens had been sent out and “the rest will be sent in short order.”

“At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you ($7 million becomes $21 million),” the letter stated.

Kanovitz noted that a “refund is the stand-up thing to do.” However, he warned of Go to Source to See Full Article
Author: Ciaran Lyons

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