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Influencer Receives Settlement Demand Through NFT After $7M Token Presale

Tom "The Tiger" by Tom "The Tiger"
May 22, 2023
in News, Bitcoin, Regulation
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Influencer Receives Settlement Demand Through NFT After $7M Token Presale
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An influencer known as Ben.eth has received a settlement demand through an NFT, which contained explicit language, alleging their involvement in wire fraud during a recent $7 million token presale. The demand letter, served to Ben.eth’s wallet address, was made public by Mike Kanovitz, a partner at Loevy & Loevy law firm, who threatened to file a class action lawsuit if the presale purchasers were not refunded.

Kanovitz claimed that Ben.eth employed a manipulative launch strategy for the Psyop (PSYOP) token, which raised $7 million within 72 hours during its initial presale. Concerns were raised about the structure of the liquidity pools (LP) and the distribution of tokens following the presale.

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Shortly after the demand letter was shared on Twitter, Ben.eth acknowledged that 50% of the tokens had been distributed and assured that the remaining tokens would be sent soon.

The letter asserted that Ben.eth could be held accountable for wire fraud, which could lead to racketeering charges and treble damages amounting to $21 million. Kanovitz emphasized that a refund would be the appropriate action, but warned of legal consequences if refunds were not provided.

If the demand was not met, Kanovitz threatened to initiate legal action, including serving the lawsuit personally to Ben.eth’s home and subpoenaing their communications. He also stated his intention to reveal the identities of any co-conspirators.

In response, Ben.eth retweeted the letter, criticizing its unprofessionalism and suggesting it could lead to potential consequences with the bar association.

The situation highlights the potential for NFTs to be used in legal proceedings and underscores the seriousness of the allegations made against the influencer.

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