Alleged Fraud in Meme Coin: Investors Should Beware!

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A successful $7 million startup making PSYOP meme coin has taken its place among the highlights of recent days. While some experts were worried about the coin, they also brought up the allegations of fraud.

Despite not providing any specific information about the ben_eth token sale, hundreds of people have sent ETH trusting the ben.eth wallet address. On May 17, 3,803 ETH, equivalent to about $7 million, was sent to the wallet. At 8 am on May 19th, @eth_ben announced the PSYOP token contract, creating a pool of liquidity on decentralized exchanges such as Uniswap v3, Poodl and 1inch.

According to data from Dexscreener, the PSYOP/ETH trading pair on ben.eth Uniswap has added $25 million to the liquidity pool. The trading volume for this coin reached $2.2 million within a few hours. Currently, PSYOP is trading at $0.0009 with a market cap of $496 million.

On the surface, ben_eth has delivered on its commitments so far. However, experts drew attention to dubious liquidity creation methods.

There are 400 real WETH in the pool. https://etherscan.io/address/0x42D403AB9B0603442aC991C0CFe124105DDe0811… DexScreener and GeckoTerminal say $25 million in liquidity, which is technically correct. However, only 0.4 million of these 25 million are ETH, the rest is PSYOP. So actually there is 400 thousand real liquidity. Don’t buy. [email protected]

According to Uniswap data, @eth_ben has just added over 400 ETH equivalent to $700,000 to the PSYOP liquidity pool. However, the liquidity pool in Uniswap reached $25 million.

PSYOP meme coin

While the beginning of the PSYOP meme coin is promising, its liquidity generation methods raise a question mark. Therefore, investors and prospective investors should buy carefully.

You can follow the current price action here.


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