Behold, a storm is brewing in the digital realm. At its eye is Ben.ETH, a cryptocurrency influencer who has been making headlines, not for his invaluable insights but rather for his series of controversial projects. A rug pull scandal, as devastating as a hurricane, hit the shores of the crypto community not once but three times in the span of a month.
The $BEN fallacy: The first rumble of thunder
Our tale begins with $BEN, a token birthed by Ben.ETH, promising a crypto utopia of sorts. Yet, a few days post-launch, the ground gave way beneath the feet of its investors. In a move as swift as a lightning strike, the project was rug pulled, leaving $BEN in a smoldering heap and Ben.ETH walking away, millions of dollars richer. This was the first storm.
PSYOP and LOYAL – The following storms
The tempest, however, had merely begun. No sooner had the dust settled on the $BEN scandal, a new offering named PSYOP surfaced. With alluring promises of a different outcome, the crypto influencer lured in a sea of investment. Yet, history had a cruel way of repeating itself, as Ben.ETH drained the project’s funds, leaving PSYOP as barren as a desert.
The third time’s the charm, right? Apparently, not in this case. Ben.ETH, seemingly undeterred, unveiled LOYAL, a project that offered an ambitious 33% allocation to pre-sale investors. The stage was set with a high-profile collaboration with BitBoy, another well-known crypto influencer. Yet again, the project crumbled, leaving a trail of disillusioned investors.
The orange mirage: NFTs, Twitter blue, and More
In the midst of this crypto chaos, Ben.ETH unfurled his latest venture: a 10,000-strong collection of orange square NFTs. Sold at 0.1 ETH each, the NFTs promised holders an orange badge on their Twitter profile and a subscription to Twitter Blue.
Yet again, the project suffered a setback, with the floor price plummeting below mint within minutes.
The reality of rug pulls – a dangerous downpour
In a recent study by blockchain security firm Beosin, it was found that losses from rug pulls and crypto scams had dwarfed those from DeFi hacks in May. A shocking $45 million was lost in just six incidents, a stark contrast to the $19.7 million lost in 10 DeFi protocol attacks. Ben.ETH’s stormy saga serves as a stark reminder of the volatile nature of the crypto world and the need for increased vigilance and scrutiny in the face of seemingly attractive investments.
The forecast remains stormy for now, with eyes keenly fixed on Ben.ETH’s next move. But remember, in the world of crypto investments, it’s best to have your umbrella at the ready, lest you get caught in a rug pull downpour.