Famous crypto influencer and YouTuber Ben Armstrong, aka Bitboy, has sold all his BEN holdings just a week after saying he would not sell. Armstrong reportedly sold his BEN tokens for a price of 45 ETH, or around $81,922.
According to Ariel Givner, Bitboy said that he was going to “lift crypto up” with the new project. Nonetheless, Givner says that Armstrong’s actions are “a tale as old as time.” There have been many individuals in the crypto space who said they want to “fix” things but ended up ruining it more than it was. FTX founder Sam Bankman-Fried (SBF) is another example of a person who wanted to fix things after the 2022 crypto market crash. However, SBF only unlocked what became one of the worst cases of fraud in the crypto industry.
Did Bitboy just perform a crypto rug pull with BEN?
Armstrong began promoting BEN from the get-go, as the token is barely two weeks old. With Bitboy’s support, the project managed to take off rather well. On May 8, BEN’s price had soared by 300%. However, it dropped by 200% a few hours later.
Many people speculated that Armstrong was the founder of the project. However, the YouTuber mentioned that he had nothing to do with the launch. According to Armstrong, “The creator, founder, & LP holder is ben.eth on Twitter.” Apparently, the token is a memecoin meant for people with the name “Ben.” Armstrong is one of them, supporting the project through its launch.
However, what paints the picture of a rug pull is the fact that Bitboy said he would not sell to show people that he is not a “scammer.” And exactly a week later, he sells his share. Consequently, he inferred that he may be a scammer after all. In fact, Ripple CTO David Schwartz has had his suspicion about BEN being a rug pull from the moment Bitboy entered the picture.
The popular influencer seems to have run his course as more and more people are beginning to criticize his influence in the industry. Earlier, Armstrong has been accused of shilling new projects to his fan base, in order to pump up the price.