In short: Crypto influencer Ben Armstrong, also known as BitBoy, has been accused of selling off his newly launched BEN tokens after pledging not to do so. Ripple Labs CTO David Schwartz disclosed his negative view of Armstrong on social media, stating that he had been "hating on him before it was cool". BitBoy denied allegations of dumping the tokens, claiming he sold them to finance a deal involving the BEN Foundation. However, on-chain data provider Etherscan showed that Armstrong swapped one trillion BEN tokens for almost 45 ETH in three separate transactions.
Our quick analysis:
If you're an avid crypto follower, chances are you've heard of Ben Armstrong, popularly known as BitBoy. BitBoy is one of the most influential cryptocurrency YouTubers with a massive following. However, the "crypto influencer" is currently in hot water over allegations of dumping newly launched crypto asset BEN tokens, which he controls.
The saga sparked off intense reactions, with Ripple Labs CTO David Schwartz claiming that he never trusted BitBoy, even before the token dump incident. Schwartz took to Twitter to express his dislike for the influencer, implying that Armstrong was running a scam.
Armstrong had earlier expressed his commitment and trust in the BEN project, with plans to maintain his holdings. However, according to Ariel Givner, the Founder and Principal lawyer at Givner Law Firm, BitBoy sold off all his BEN tokens in a series of transactions.
BitBoy has since denied the allegations, claiming that he liquidated his holdings to raise funds for a BEN Foundation deal. The crypto influencer insists that he acted in good faith, and his intentions remain pure. However, the on-chain data from Etherscan tells a different story, revealing that the YouTuber swapped nearly 1 trillion BEN tokens for nearly 45 ETH in three separate transactions.
It remains unclear whether Armstrong indeed acted maliciously, or whether the whole incident is a misunderstanding. Nonetheless, the internet has never been one to forgive and forget, and it seems that BitBoy may have a long way to go before regaining the trust of many in the crypto community.
Featured image from Pixabay and chart from Tradingview.com.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
If you're an avid crypto follower, chances are you've heard of Ben Armstrong, popularly known as BitBoy. BitBoy is one of the most influential cryptocurrency YouTubers with a massive following. However, the "crypto influencer" is currently in hot water over allegations of dumping newly launched crypto asset BEN tokens, which he controls.
The saga sparked off intense reactions, with Ripple Labs CTO David Schwartz claiming that he never trusted BitBoy, even before the token dump incident. Schwartz took to Twitter to express his dislike for the influencer, implying that Armstrong was running a scam.
Armstrong had earlier expressed his commitment and trust in the BEN project, with plans to maintain his holdings. However, according to Ariel Givner, the Founder and Principal lawyer at Givner Law Firm, BitBoy sold off all his BEN tokens in a series of transactions.
BitBoy has since denied the allegations, claiming that he liquidated his holdings to raise funds for a BEN Foundation deal. The crypto influencer insists that he acted in good faith, and his intentions remain pure. However, the on-chain data from Etherscan tells a different story, revealing that the YouTuber swapped nearly 1 trillion BEN tokens for nearly 45 ETH in three separate transactions.
It remains unclear whether Armstrong indeed acted maliciously, or whether the whole incident is a misunderstanding. Nonetheless, the internet has never been one to forgive and forget, and it seems that BitBoy may have a long way to go before regaining the trust of many in the crypto community.
Featured image from Pixabay and chart from Tradingview.com.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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