KOL BitBoy Crypto Faces Backlash for Breaking Promise and Dumping BEN Tokens
Popular crypto influencer Ben Armstrong, also known as BitBoy Crypto, has come under fire for selling all his BEN tokens just one week after pledging not to sell for six months.
The revelation came to light when on-chain investigator Amir Ormu shared an address that was linked to BitBoy when he initially made the promise. The transaction resulted in BitBoy earning 44.7 ETH, equivalent to approximately $80,000.
Bitboy sold all of his $BEN tokens that he committed to not selling them for 6 months❗️
Bitboy’s address which he doxxed it by himself:
0xf89e0b9fb3F419d5982386B5923e2F7C2e73f3a2 https://t.co/GVvrAeVnJ5 pic.twitter.com/OcoKQaKKzH— Amir Ormu 🛸🏰🫐 (@AmirOrmu) May 17, 2023
BEN is a memecoin that aimed to capitalize on the popularity of other meme assets like PEPE and WOJAK. The token gained significant attention from the community due to BitBoy’s influence, particularly after receiving a substantial amount of coins for free from the user eth_ben.
This raised concerns among the community that BitBoy might quickly sell off the token. While he committed to refraining from selling for six months, he made it clear that he would not lock the coins, as he wanted to provoke those who had criticized him as a “grifter, scammer, dishonest, and a P&D’er” (pump-and-dump artist).
I committed to not selling any $BEN coins for 6 months. I’m still intentionally not locking those coins.
Why?
To piss off the haters who say I’m a grifter, scammer, dishonest & a P&D’er
Going to make them look dumb again
ETH Address: 0xf89e0b9fb3F419d5982386B5923e2F7C2e73f3a2
— Ben Armstrong (@Bitboy_Crypto) May 10, 2023
In response to the controversy, BitBoy defended his actions, claiming that he had struck a deal with eth_ben to sell his original token allocation. According to the agreement, BitBoy would receive 1000 ETH and $250,000 in stablecoins over a six-month period. He also mentioned that there is another backer involved, facing difficulties in transferring funds from traditional accounts, which is why the deal has not yet been finalized.
BitBoy further explained that once the deal is completed, the Ben Coin Foundation will hold 106 trillion tokens, which can only be sold once the token reaches a market cap of $500 million.
So every one is clear on the deal @eth_ben and I are making on $BEN & why I sold my original tokens
It’s for 1000 $ETH and $250k paid in stablecoins over 6 months.
We have a backer who is having to move funds from traditional accounts and it’s taking longer than I want.
1/3
— Ben Armstrong (@Bitboy_Crypto) May 17, 2023
However, many members of the crypto community find BitBoy’s explanation dubious, questioning the veracity of his claims. Speculation has also arisen, suggesting that eth_ben might have dumped the tokens on BitBoy, while others believe that BitBoy was paid to promote the token.
As a result of the controversy, the value of the BEN token has plummeted by 8.5% in the last 24 hours, now standing at $0.00000007333. Additionally, the token’s market cap has shrunk to $30.8 million, according to Coingecko data.
The incident involving BitBoy Crypto highlights the risks and challenges associated with memecoins and the potential influence of prominent individuals in the crypto space. It serves as a reminder for investors to exercise caution and conduct thorough research before getting involved in speculative assets.
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