In the digital realm, a storm is brewing, centered around Ben.ETH, a cryptocurrency influencer who has gained notoriety not for his valuable insights, but for a series of controversial projects. Within the span of a month, the crypto community experienced not one, but three rug pull scandals that shook the market.
The $BEN Deception: The First Warning Sign
It all started with $BEN, a token introduced by Ben.ETH, promising a crypto utopia. However, shortly after its launch, the project collapsed, leaving investors in despair. Ben.ETH swiftly drained the project's funds, leaving $BEN worthless and himself significantly richer. This marked the beginning of the storm.
PSYOP and LOYAL – The Continuing Tempest
But the turmoil did not end there. Following the $BEN scandal, Ben.ETH introduced PSYOP, attracting a new wave of investments with promises of a different outcome. Yet, history repeated itself cruelly as Ben.ETH drained the project's funds, leaving PSYOP barren and investors devastated.
Undeterred, Ben.ETH unveiled LOYAL, offering a substantial 33% allocation to pre-sale investors. Collaborating with BitBoy, another prominent crypto influencer, the project seemed promising. However, it collapsed once again, leaving disillusioned investors in its wake.
The Illusion of Oranges: NFTs and Twitter Blue
Amidst the chaos, Ben.ETH launched a collection of 10,000 orange square NFTs. Sold at 0.1 ETH each, the NFTs promised buyers an orange badge on their Twitter profiles and a subscription to Twitter Blue. However, the project faced setbacks, with the floor price plummeting below the initial mint price within minutes.
Rug Pulls: A Dangerous Reality
A recent study by blockchain security firm Beosin revealed that losses from rug pulls and crypto scams surpassed those from DeFi hacks in May. A staggering $45 million was lost in just six incidents, contrasting sharply with the $19.7 million lost in ten DeFi protocol attacks. Ben.ETH's stormy saga serves as a stark reminder of the volatile nature of the crypto world, emphasizing the importance of increased vigilance and scrutiny when considering investments.
The forecast remains stormy, with all eyes watching Ben.ETH's next move. In the realm of crypto investments, it is wise to stay prepared with an umbrella, as rug pulls can come pouring down unexpectedly.