submitted by /u/002_timmy
Ben.ETH is a "popular" crypto influencer. About a month ago, he launched a token called $BEN. A few days after it was released, the project was rug pulled and Ben.ETH made millions of dollars from the scheme.
Shortly after the $BEN fiasco, Ben.ETH announced another project, but this one was going to be better. He built up a bunch of hype and had a presale for his new token, $PYSOP. Shortly after being distributed, quite a bit of money was added to the LP. Ben.ETH took his overwhelming supply and swapped everything for ETH, leaving his project worthless and making off with millions.
Then, shortly after this fiasco, Ben.ETH announced a 3rd project. This time, he promised his followers, will be different. He learned from his prior mistakes. He was going allocate a whole 33% to users who bought the token on pre-sale. He was "only" going to keep 67% of the remaining tokens. This new token would be called $LOYAL, because Ben appreciates loyalty. He also decided to partner with this sub's favorite influencer, BitBoy.
What could go wrong? Well, today the token was released and this happened.
Immediately after, just a few hours ago, Ben.ETH tweets this-
Keep in mind, the image is Ben's PFP. In reality, it is literally just an orange square. Absolutely 0 effort whatsoever.
At .1 ETH for 10k mints, this will generate 1000 ETH (or ~$1.86 million).
Well, he has already minted 9000. He is saying the last 1000 will be given to $LOYAL holders, likely done as a way to curry favor. It has traded over 500 ETH so far (creator earnings are 5%) and the floor is .135 ETH, best offer is .112 ETH. It is the top collection over the last hour on OpenSea.
I can't believe how willing these people on crypto twitter to just give money to people who are, at best, grossly incompetent, and most likely, complete fraudsters and scammers. To add on top of it, the NFT is a membership. 1 membership is all someone needs for access to "future product." Yet, there's only 27% unique ownership on this NFT.
I simply don't understand this mindset. I'm also glad for Reddit and its web3 community for being significantly more intelligent. So, how many more scams will Ben.ETH be able to pull off?
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