PSYOP memecoin faces identity crisis amidst questionable token launch
May 19, 2023

PSYOP memecoin faces identity crisis amidst questionable token launch

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The creator of a memecoin called $PSYOP has accused another individual of imitating his token, while the token itself has been called a scam by an independent media studio.

$PSYOP creator says other token is scam

Twitter user eth_ben (@ben.eth) said that another user by the name of @3orovik has launched a separate $PSYOP token with the same name as his own.

On May 18, @ben.eth wrote on Twitter:

“No token released yet. Everything else is a scam. Chill. Going over the [liquidity pool] numbers now.”

Both @ben.eth and @3orovik said that any hypothetical investigation by the Securities and Exchange Commission (SEC) would not find any transactions between them. There does not appear to be any investigation underway despite their concerns.

$PSYOP itself has little substance, and profiles related to the token feature crude artwork. As such, the asset has little integrity regardless of its creator’s intentions.

Media studio denounces project

Separately, a media studio also named Psyop attempted to distance itself from the token on May 16. It said it had no relationship with @ben.eth’s token and said that related spam accounts are “infringing [its] brand’s content to promote the bogus token.”

The media studio alleged that the $PSYOP token is a “scam from top to bottom.” It also said that has reported the token sale, though it did not say who it reported the sale to.

“We hope to see it all removed ASAP,” the studio said.

There is no indication that @ben.eth intended for the token to capitalize on the studio, which itself appears to be a minor company. Still, the studio’s complaints have merit due to the token’s overall lack of integrity.

The post PSYOP memecoin faces identity crisis amidst questionable token launch appeared first on CryptoSlate.



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