A partner at Loevy and Loevy firm has threatened to sue the founder of PSYOP with an NFT legal letter. The founder of the PSYOP project goes by the name Ben.eth on Twitter and is a notable influencer. Here’s everything you need to know.
Ben.eth Served Settlement Demand via NFT Legal Letter
On May 20th, an NFT influencer received a settlement demand in the form of an NFT legal letter. The demand accused the influencer, known as Ben.eth, of potentially engaging in wire fraud during a token presale that raised $7 million. This is in addition to Ben.eth’s involvement in another controversy (which was highlighted by Beeple!).
Mike Kanovitz, a partner at Loevy & Loevy law firm, revealed on Twitter that the settlement demand had been served to Ben.eth’s wallet address. The NFT legal letter claimed that Ben.eth used a manipulative strategy for the PSYOP token presale. Additionally, it accused him of focusing on the structure of the liquidity pools and the distribution of tokens after the presale.
Of course, Ben.eth responded via Twitter. His response claimed that 50% of the tokens had already been sent out, with the rest to follow shortly.
The Saga Continues
The NFT legal letter argued that Ben.eth could be guilty of wire fraud. In addition, it claimed that the wire fraud could lead to a treble damages award of $21 million. Therefore, Kanovitz suggested a refund as the appropriate resolution and warned of potential legal action if refunds were not provided. He made it clear that his firm would step in to rectify the situation if Ben.eth continued to harm people.
Furthermore, Kanovitz emphasized the potential consequences for Ben.eth if he did not comply with the NFT legal letter. The consequences included personal legal action and the revelation of the identities of their co-conspirators. He also threatened to subpoena the influencer’s communications, claiming that the evidence would solidify the case against them.
The letter concluded by asserting that Ben.eth’s actions constituted real fraud, causing harm to real people, and that there would be consequences if they “don’t make it right.”
In response, Ben.eth retweeted the letter several hours later, criticizing its unprofessionalism and suggesting that it could lead to trouble with the bar association.
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