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How Homonymous Homies Fanned the FOMO from $BEN to $PSYOP

Unless you’ve Ben outside the crypto bubble, you’ve already heard degen FOMO over a new meme coin called $BEN. The $Ben token was launched in presale on May 3rd by Ben.eth, a pseudonymous cryptocurrency trader and YouTuber. Together with Ben Armstrong, aka BitBoy Crypto, these same-name pump pals fell into business together after a series of tweets. Improbable as it seems, the pair also share a back-channel connection that suggests they’re not the unlikely bedfellows they would like us to believe.

Ben.eth, who has been an active member of the NFT community since 2021, is associated with projects like BAYC and Moonbirds, and operates Twitter account nftinspect per wale.swoosh. Ben.eth tweeted the presale announcement for $BEN on May 4th.

Here are some additional details about Bencoin:

• The total supply of $BEN coins is 42 billion.
• The coin is currently trading at $0.00000025.
• The project has no official website or social media presence.
• The coin has been listed on a few small exchanges, but it is not available on any major exchanges.

FROM $BEN DEAD, TO 20x

Despite a recent increase in meme coin trading volume (see $PEPE) Ben.eth went public with no clear roadmap, no whypaper, and no fanfare either, which was illustrated by its alarmingly low market capitalization of approximately $1 million. According to Ben Armstrong, there were no other influencers involved with $BEN when he first tweeted about it on May 8th.

“It was supposed to be a joke,” BitBoy Crypto emphasized in a Twitter Spaces hosted by ThreadGuy. “My name is Ben. Like, I’m investing in myself,” he explained. Bitboy amplified the joke even further by updating his Twitter profile to include his faux association to $BEN. In response, news articles were immediately published asserting that BitBoy is the one who launched $BEN token.

“They [journalists] started running with the story that I launched this coin and I never did. It was kind of like, I don’t know, a comedy of errors, if you will–but I mean, a lot of people made a lot of money. So good for them,” BitBoy said.

$BEN token rocketed 20x from its approximate $450,000 market cap. Always remember to take profits; just like all the other meme coins and shitcoins traded that week, $BEN tanked over the next few days until BitBoy Crypto tweeted about a takeover. Once again, $BEN reacted: +129% within 24 hours to reach its all-time high. 

“The coin really started to take off and become a thing of its own,” BitBoy recalled. “Everything blew up, so I sent him a message–like hey, are you properly doxed? He was like–no. I was like–oh, that’s a problem if I’m going to talk about this thing, or be involved in this, I need some assurances.”

BitBoy Crypto, who is often noted as a credible source for crypto news and degen trading insights, recklessly tweeted about a meme coin he knows nothing about.

–except it’s a meme coin, so that’s on YOU.

THE BEN DAO BACKCHANNEL

Since last November, both Ben.eth and Ben Armstrong have Ben colleagues and associates of Ben DAO, a Telegram group of crypto enthusiasts who all share the same first name. According to Ben Armstrong, he and Ben.eth have had a lot of conversations behind the scenes—but not before May 8th?

“I didn’t know anything about the guy,” BitBoy said. “I was really just tweeting support for somebody in a group I was in,” he said. “If ever in my wildest dreams I would have realized this would turn into anything significant, I would have vetted him out,” BitBoy emphasized. 

It’s one thing to wrongly assume every member of Ben DAO did KYC to prove their name was really Ben, but did BitBoy Crypto himself ever do KYC to form his assumption everyone did too? 

“He doesn’t want to dox. I know for sure that if something went down, there’s ways to hold him accountable,” BitBoy said. “Either me, or a representative of my team, we’re gonna go meet with Ben.eth in person, and transfer the asset–it’s not 100% done yet.”

Wait–WHAT?

BitBoy Crypto told a room full of Twitter listeners that while he was tweeting about $BEN, he was confident “It wasn’t gonna go anywhere. It wasn’t gonna do anything.” But then, he fortunately realized the potential for $BEN on his 2-hour flight layover to London. 

“I just sat there and thought to myself, I’ve got to take this thing over,” BitBoy remembered. “I have to. I mean, there’s no way around it.” 

BitBoy fired off a text, and to his surprise, Ben.eth immediately agreed. His Ben fellow had already Ben thinking about it, so BitBoy quickly drafted an offer. From there, agreed to the terms of their deal in less than 24 hours.

“Ben.eth has a little over 20% of the supply. The deal we worked out is we’re gonna get 75% of them, he’s gonna keep 25% of them, so he’s gonna keep 5% supply.”

But then, Ben.eth announced the timely presale of a new token called $PSYOP; capitalizing on social momentum from the successful sale of $BEN. Despite having no whitepaper or roadmap to speak of, the subsequent presale promptly raised the equivalent of $6.9 million.

“Did you know the additional token [$PSYOP] was going to be launched? And did you realize it was going to happen in the following 24 hours?” ThreadGuy asked.

“Yeah. I did know, for sure,’ BitBoy replied. “I can’t remember exactly when he was gonna do it. He told me he was ready to do it–I didn’t know if that meant he was ready to do it today or tomorrow or next week. I certainly was a little surprised how fast it was,” BitBoy responded.

SEC YOU SOON

“If this was the goal all along, and you wanted a coin of your own in a community of your own elite and add your own utility to it, curate it, and push it the way you want–why would you come into it this way?” ThreadGuy asked.

“Why would you take over a shit coin from someone who has an awful reputation in the space and force yourself into this position where you’re completely playing uphill? What was the purpose of going at it this way?” ThreadGuy added.

“I can’t do my own rug. I can’t launch a sale for legal reasons. So this actually, is a blessing in disguise,” BitBoy sang. “I was on that plane thinking about everything; someone else has already done the part I’m worried about–I had nothing to do with that,” BitBoy stated. “So for liability reasons, that frees me from a lot of stuff.” 

The Securities and Exchange Commission (SEC) plays an ever-present role in regulating the cryptocurrency space to protect investors and ensure fair markets. The details surrounding BitBoy Crypto’s involvement with $BEN may raise concerns about potential violations of SEC regulations, such as undisclosed endorsements and market manipulation.

“Secondary trading isn’t a security, so I think it relieves me of a lot of the problems that would come from trying to have my own coin and raise my own money,” BitBoy explained. I don’t want to raise money, so I got a loophole in all this.”

Although BitBoy didn’t want to raise money, he was able to raise token lockup liquidity in short order.

“It’s not a guy anybody would know. He’s not a crypto guy. There’s money coming in, going to an OTC desk, and it’s gonna to be coming in from a bank account.”

BitBoy isn’t bullish about breaking into the top 10 coins, yet he feels top 20 is within reach.

“I think the top 50 is reasonable. Top 20 I think is possible. Top 10 is going to be very, very, very difficult. If you remove stablecoins, maybe not as unreachable. But I do believe it’s got that kind of potential–but look, I’m shooting towards the top 50,” BitBoy mused.

THE CONFLUENCE OF INFLUENCE

Ben Armstrong aka BitBoy Crypto has an illustrious history of making false and misleading statements about cryptocurrencies. To discern his advice, it’s important to be aware of the controversies surrounding him. In the past, Bitboy has been accused of promoting scams and rug pulls while misleading millions of his followers.

A rug pull is a type of scam in which the project organizers suddenly and intentionally remove all liquidity from the project’s token, leaving investors with worthless assets. This can be accomplished by selling all of the project’s tokens on an exchange, or by withdrawing all of the project’s funds from a liquidity pool.

BitBoy defends his tweets, and believes they’re a means to create awareness and support for the crypto community. However, accusations of market manipulation should raise concerns about the potential impact of his tweets, and the influence he wields.

“I can’t control how people interpret and act on my tweets. I believe these accusations of market manipulation are disingenuous,” BitBoy responded.

Unlike most influencers, BitBoy Crypto has a selective memory when it comes to his own gravitas. Even after articles mistook him for the brain behind $BEN, BitBoy still doesn’’t seem to get that his notoriety poses the potential for market manipulation–whether intentional, or not.

“People tell me all the time, like the people around me, the people very close to me. They’re always telling me over and over and over again, I don’t understand how well known I am,” BitBoy said. “Sometimes I just forget how much power I have,” he pleaded. “I’m a victim of that sometimes.” 

This baffling revelation presents even larger questions: 

• How does someone who is tirelessly diligent about evolving his crypto comprehension, strengthening his brand presence, and securing public speaking engagements fail to recognize his own relevance as a crypto analyst with millions of followers?
• What else about our complex and nuanced industry is BitBoy blissfully unaware of?
• Why do we place so much faith and trust in crypto influencers just because they have a large following, or have a coveted PFP?
• Could BitBoy be lying?

“I’m not out here trying to play chess moves all over the board with every single tweet that I have. I’m just a normal guy. I’m going to visit my grandma, but I’m also doing it in a Lambo.” – BitBoy Crypto

“You’re the biggest influencer in crypto in my opinion. You have the largest platform on YouTube [1.4 million] on Twitter [1 million] across all platforms–you have the largest reach of any crypto influencer,” ThreadGuy said.

“BitBoy is the number one biggest influencer in all of crypto, right?”

“Right,” BitBoy replied. 

In fact, BitBoy’s team has successfully pitched and sold his outsized influence to advertisers and sponsors for years; his estimated gross revenue from his main YouTube channel is $40,000 per month. As a paid ghostwriter, I have conducted investigative research and written discovery for BitBoy Crypto to recite verbatim; like a podcast script from a showrunner. How many other ‘influencers’ are doing the same?

One of the most controversial stories about Bitboy Crypto is that he was accused of accepting money from cryptocurrency exchanges to promote their coins. In 2021, blockchain investigator ZachXBT discovered a BitBoy Crypto price list for sponsored content ranging from $35,000 for a “dedicated review” to $20,000 for a “livestream mention.” BitBoy Crypto admits he brokered sponsored content in the past, yet he says he stopped doing so in January 2022. This doesn’t sound look like someone who doesn’t know how to pimp his popularity.

“I have people on me all the time about every single move that I make, and I’m here to tell every single person I will let you down. I am not perfect, and I cannot follow your rules.” – BitBoy Crypto

Is Ben.eth Ex-SafeMoon Marketing Chief Ben Phillips?

• Ben.eth is the name of a cryptocurrency wallet that was created in May 2021. The wallet has been used to transfer large amounts of Safemoon tokens.
• Ben Phillips is the co-founder of Safemoon, a cryptocurrency that was launched in March 2021. Safemoon has been criticized for its high fees and for its lack of transparency. 
• The internet detective known as Coffeezilla investigated the former CMO and Safemoon influencer in April 2022 and exposed him for scamming approximately $12 million in crypto by pumping SafeMoon to his followers. 

There is no evidence that Ben Phillips and Ben.eth are the same person. However, similarities exist between these accounts, and both accounts have been used to promote Safemoon. Maybe you can connect the dots.