Crypto lawyers warn that Ben.eth, the creator of controversial memecoins Ben Coin (BEN), PSYOP, and LOYAL, could face regulatory action from US regulators. Michael Kanovitz, a lawyer threatening to file a class action against Ben.eth, alleges that the PSYOP launch bears similarities to cases that have seen SEC enforcement. Kanovitz claims that Ben.eth used a manipulative launch strategy in the PSYOP presale, promising returns on investment that would be “several fold or greater”. Ben.eth’s wallet currently holds 10,946 ETH, equivalent to $20.8 million.
