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Ripple CTO Addresses Controversy Surrounding BitBoy's BEN Token Sell-Off

Ripple CTO Addresses Controversy Surrounding BitBoy's BEN Token Sell-Off

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The crypto space is bubbling with many comments and reactions about the sale of BEN tokens by the famous crypto influencer Ben Armstrong, also known as BitBoy.

One of the notable reactions came from the Ripple Labs CTO, David Schwartz, who disclosed that his lack of trust in the YouTuber goes far back in the past. 

BitBoy Accused Of Dumping BEN Token

Armstrong allegedly sold off his BEN tokens, a newly launched crypto asset he controls. As reactions on social media platforms intensified, Schwartz revealed his dislike for BitBoy.

The CTO responded to a tweet on May 18 implying that Armstrong operated as a scammer by selling off the tokens even when he promised never to do so.

Schwartz boldly stated that, “I was hating on him before it was cool.” This indicated that Schwartz’s negative view of Armstrong dates back to the past, even before the recent incident.

A Web3-based corporate attorney and the Founder and Principle lawyer of Givner Law firm, Ariel Givner, also shared a Twitter post about an interview with BitBoy on May 14.

During the interview, Armstrong reportedly mentioned that he had no intention of selling BEN tokens. Givner disclosed how BitBoy expressed his trust and commitment to the BEN project. She also recalled that BitBoy revealed plans to maintain his holdings regarding his close ties with the project.

Additionally, the YouTuber had earlier stated that he had not locked his BEN tokens intentionally. To him, it’s a means of pissing off his haters that believe he is dishonest, a scammer, and a grifter. But according to Givner, the YouTuber contradicted his words and sold all the BEN tokens in his holding.

She alleged that Armstrong disposed of all his BEN tokens for approximately 45 ETH through multiple transactions. While providing proof of the transactions, Givner retorted that it’s “A tale as old as time.”

I interviewed @Bitboy_Crypto the other day about $BEN. For over an hour, he stated this project meant something to him, that he was going to “lift crypto up” and had no plans to sell.

Today he sold his $BEN tokens for roughly 45 $ETH.

A tale as old as time.

— Ariel Givner, Esq. (@GivnerAriel) May 17, 2023

BitBoy Denies Dumping The Tokens

Armstrong has denied allegations of dumping the BEN project. The crypto influencer explained that he moved the tokens to generate funds for financing a deal that involves the BEN Foundation.

The YouTuber said that the original backer of the deal was delayed, so he sold off his tokens to step in and support it. Meanwhile, BitBoy didn’t reveal the transaction, and his claims didn’t go down well with most proponents.

However, the on-chain data provider, Etherscan, highlighted transactions from the wallet address connected to Armstrong. According to the data, the YouTuber swapped about 1 trillion BEN tokens for almost 45 ETH in three separate transactions.

BEN token tanks following the accusations l BENUSDT on Tradingview.com

Featured image from Pixabay and chart from Tradingview.com

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