In a shocking turn of events, popular crypto influencer Bitboy has come under fire after he dumped his own eponymous cryptocurrency BEN tokens, going back on his earlier promise to hold them for the long term. This unexpected move has left many investors disappointed and questioning his integrity within the cryptocurrency community.
Bitboy, whose real name is Ben Armstrong, gained fame and a substantial following through his YouTube channel and social media platforms, where he regularly provided investment advice and insights into the world of cryptocurrencies. He garnered a loyal fanbase due to his charismatic personality and seemingly genuine commitment to the projects he endorsed.
BEN Token: Riding the Meme asset hype
BitBoy crypto influencer Ben Armstrong broke his promise as he dumped all BEN tokens. Amir Ormu, an on-chain investigator, was the first to bring this to light, uncovering an address that had been disclosed by Bitboy during his initial pledge not to sell. As reported by Ape’s Prologue, the influencer managed to generate 44.7 ETH, equivalent to $80,000, from this transaction.
Capitalizing on the buzz surrounding popular meme assets such as PEPE and WOJAK, BEN emerged as a meme coin designed to ride the wave. Given Bitboy’s significant following, the community swiftly took notice of the token, particularly after eth_ben gifted him a substantial number of coins at no cost.
Concerns were raised regarding Bitboy’s intentions with the token, as it was speculated that he might quickly sell it. Although he pledged not to engage in any selling activity for six months, he made it clear that he wouldn’t lock the coins. His motivation behind this decision was to provoke those who had labeled him as a “grifter, scammer, dishonest & a P&D’er.”
Rug Pull Alert: BEN Token faces devastating selloff in Cryptocurrency Ecosystem
The disposal of BEN tokens is categorized as a rug pull incident, a type of occurrence that is not uncommon in the digital currency ecosystem. In rug pulls, a significant and often sudden sale of tokens takes place, resulting in severe downward pressure on the token’s value.
BEN Token Trading at Approximately $0.00000007, experiences a decline of over 13%: Retains Market Capitalization of $29.5 Million, positioned as the 2662nd largest Cryptocurrency according to CoinMarketCap
Bitboy stands by his actions
After the revelation of his sell-off, Bitboy revealed that he had entered into an agreement with eth_ben to sell his initial token allocation. According to the arrangement, Bitboy is set to receive 1000 ETH and $250,000 worth of stablecoins, which will be paid out over a period of six months.
Bitboy explained that there is another supporter of the meme token who is currently facing difficulties in transferring funds from traditional accounts. This situation, he claimed, is the reason why the agreement has not been finalized and made official yet.
Once the deal is successfully completed, Bitboy stated that the Ben Coin Foundation would possess a total of 106 trillion tokens, which will be subject to sale restrictions. These tokens will only be allowed to be sold once the token reaches a market capitalization of $500 million.
Nevertheless, numerous members of the crypto community find Bitboy’s explanation to be lacking credibility. Additionally, speculations have emerged suggesting that eth_ben intentionally unloaded the token onto Bitboy, while others allege that Bitboy received compensation to promote and endorse the token.
As Bitboy dumped his own BEN tokens after promising not to do so, it sparked disappointment and distrust among his followers. The incident, categorized as a rug pull, has resulted in a significant decline in the token’s value. Bitboy’s explanation and subsequent agreement with eth_ben have been met with skepticism from the crypto community. Speculations regarding the true nature of the transaction and the motivations behind it continue to circulate. As a result of the controversy, the BEN token has experienced a considerable drop in value and faces an uphill battle in rebuilding investor confidence.
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