Ripple CTO Calls BEN Coin a Scam, Bitboy Denies Allegations

Ripple CTO Calls Bitboy’s BEN Coin Project A Rug Pull, Bitboy Denies Accusation.

Crypto influencer Ben Armstrong faces accusations of a rug pull after joining the BEN Coin project team, leading to a rift in the crypto community.

Ben Armstrong, a well-known crypto influencer otherwise called Bitboy Crypto, has found himself in the middle of a controversy within the crypto community following his recent announcement about joining the team behind BEN Coin, a recently launched meme token. He confirmed today that he would be completely taking over BEN coin.

HUGE $BEN Announcement

I did not launch the project. But I am now taking it over 100%. @eth_ben and I have agreed in principle to an agreement where all of the assets and liquidity for @bencoin_eth will be transferred to me within a week.@eth_ben will become an advisor.

— Ben Armstrong (@Bitboy_Crypto) May 11, 2023

Many crypto community members are questioning the project’s legitimacy and are expressing concerns about Armstrong’s involvement. David Schwartz, the chief technology officer (CTO) of the Ripple blockchain, said he agrees without a doubt that the project was a rug pull.

Schwartz expressed this sentiment in a tweet to a crypto enthusiast who quoted Armstrong’s announcement and wrote: “This is 100% a rug pull,” to which the Ripple CTO asked:

“Do you mean that the rug will be pulled in the future? Or do you mean that Bitboy joining the team is itself a rug pull? Because one of those things I definitely agree with.”

Notably, rug pull is a scam in crypto and DeFi markets where the project founder removes all the project’s liquidity and disappears with investors’ funds, causing the token’s price to plummet and investors to lose their money. 

Bitboy Reacts

Expectedly the allegation of rug pull did not sit well with the crypto influencer. On Twitter today, Armstrong spoke out against accusations, stating that such beliefs are unfounded and stem from ignorance and hatred.

He explained that he has been involved in the crypto space for more than 99% of the community and that his public company employs over 40 people. Armstrong also emphasized that he has produced more than two daily videos for the past five years, indicating his dedication to educating and informing the crypto community.

In the tweet, Armstrong also urged others to “stop believing memes,” which he suggests can create a negative impression of the crypto space, stating, “It’s a bad look.”

The fact people think I could rug $BEN just shows how dumb and blinded by hate people are. I’ve been in this space longer than 99% of CT. I have a public company with 40 employees. I’ve made 2+ videos per day for over 5 years.

Stop believing memes bro. It’s a bad look.

— Ben Armstrong (@Bitboy_Crypto) May 12, 2023

As mentioned above, in another thread, Armstrong announced he is now taking over the BEN coin project after reaching an agreement with a person with a Twitter username @eth_ben, where all of the assets and liquidity for the BEN coin would be transferred to him within a week.

DOGE Founder Trashes Bitboy

Additionally, Dogecoin co-founder Billy Markus expressed disappointment with Ben Armstrong’s announcement that he had joined the BEN coin project team, saying, “This is pretty lame” in a tweet.