Andrew Tate, a popular internet phenomenon and multi-millionaire, is under the spotlight for the altcoins associated with him.
3 altcoin projects linked to Andrew Tate
Andrew Tate said that he recently held $100 million worth of cryptocurrencies while being associated with meme coins. The internet phenomenon was previously associated with a meme coin called PSYOP. YouTuber Ben Armstrong’s connections to BEN coin were also indirectly linked to Tate.
In December 2022, Armstrong was one of Tate’s biggest supporters at the time of his arrest. He then sold all BEN tokens earlier this week, causing a sharp drop in price. Meanwhile, a meme token with the abbreviation ‘SLUTS’ was recently launched, based on a tweet by Andrew Tate.
Tate says he owns $100 million worth of cryptocurrencies and doesn’t like attending crypto conferences. “I have 100 million cryptocurrencies and I still don’t go to those boring conventions,” she says.
He later clarified that Bitcoin and Ethereum have meaning but will not support meme coins. cryptocoin.com As we have reported, he returned from this promise within hours. Andrew Tate now plans to start trading from June 1st.
Lawsuits surrounding Andrew Tate-linked coins
After the PEPE rally in the past few weeks, attention has shifted to other memes like BEN and PSYOP. These coins gained more attention as Ben “Bitboy” Armstrong and Andrew Tate were associated with them.
In a tweet on May 20, Mike Kanovitz, partner of law firm Loevy & Loevy and CEO of Jurat Blockchains, threatened to sue ben.eth if PSYOP does not return presale buyers. They also sent a letter to ben.eth as NFT. This letter outlined the potential charges ben.eth could face.
Bitboy has raised a staggering $7 million in the PSYOP pre-sale. Kanovitz proposes a solution by returning ETH to affected investors, seeking damages of $21 million through a class action lawsuit.
BEN and PSYOP, which received a lot of attention, owed their increase in popularity to ben.eth. PSYOP is associated with Andrew Tate.
Ten chain detectives uncover more evidence
On chain detective ZachXBT uncovered evidence that ben.eth misled investors. It has also found that it has collected significant 10,000 ETH through its PSYOP pre-sale. To support their claims, ZachXBT shared screenshots of the tweets, with a headline implying a false sense of surprise.
The letter, published by Konovitz, met with backlash from PSYOP advocates. First, his unofficial style was ridiculed for typos and disapproval by Kanovitz’s legal partner, Jon Loevy. Ben_eth dismissed the legal threat, considering it unprofessional and potentially risking problems with the bar.
However, it should be noted that PSYOP, despite raising $7 million, lacks integrity and content. This came to light when a media studio of the same name denounced the project on May 19. Also, a scammer attempted to spoof the token launch via a phishing scheme. This further damaged the credibility of the project.