Strategic Insights on ENS Domain Investments

###The Rise and Fall of a Controversial Web3 Figure

In the ever-evolving world of Web3, a figure known as ben.eth has recently gained notoriety for his involvement in the creation and promotion of meme coins. Starting his journey in cryptocurrency in 2017 and venturing into NFTs in 2021, ben.eth initially maintained a low profile within the NFT community. However, his foray into meme coins during the height of their popularity in May catapulted him into the spotlight.

###The $BEN and $PSYOP Saga

Ben.eth's first attempt with the $BEN token initially faltered but gained traction after a prominent cryptocurrency content creator invested in it. Riding this wave of success, ben.eth announced the launch of $PSYOP through a presale. The cryptocurrency content creator sold all $BEN tokens on May 17, but ben.eth managed to raise approximately $9 million in ETH through various token sales and the $PSYOP presale.

|Date|Wallet Value| |---|---| |May 3|$2,600| |May 23|$9.28 million| |Current (as of 2025)|3,450 ETH ($6.3 million)|

###The Controversial $LOYAL Launch

On May 27, ben.eth announced the launch of $LOYAL, another meme coin, scheduled for Memorial Day. He requested ETH contributions to his wallet address, promising not to limit the supply as he had done with previous coins. This pattern of launching, inflating, and dropping meme coins has raised significant concerns within the crypto community.

###Legal Ramifications and Community Response

The creator of $BEN and $PSYOP now faces class action lawsuits for allegedly misleading investors and committing wire fraud. A legal firm partner and blockchain CEO has initiated legal action against ben.eth, demanding reimbursement for $PSYOP presale participants. Evidence presented by an on-chain investigator suggests that ben.eth misled investors and acquired 10,000 ETH from the $PSYOP presale. The investigator also noted ben.eth's concerning behavior of retweeting posts from suspicious accounts, including a phishing scammer and a hacked celebrity account.

###The Broader Implications for Web3

This ben.eth saga highlights ongoing challenges in the Web3 space, emphasizing the need for increased investor vigilance and stronger protective mechanisms against potential scams. As Web3 continues to evolve, cases like this remind us of the importance of due diligence when dealing with highly speculative cryptocurrency investments. The community response and legal actions may establish precedents for handling similar situations, potentially reshaping the regulatory landscape for Web3 projects.