Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts
May 14 2023 - 4:40AM
NEWSBTC
Ripple’s Chief Technology Officer (CTO), David Schwartz, responded
to a tweet from a crypto enthusiast, calling the BEN Coin project a
100% rug pull. Schwartz asked the poster why he believed such but
still stated his reservations about the new crypto project.
So many crypto coins launch daily in the market. However, scam
projects and rug pulls also deceive unsuspecting customers into
investing. Related Reading: PEPE Attempts Market Rebound, Surges By
28% In 24 Hours A rug pull is a crypto scam where the project
founder suddenly withdraws the project’s liquidity, disappearing
with investor funds. This leads to a sharp price drop and losses
for investors. David Schwartz Expresses Reservations About BEN Coin
A crypto enthusiast believes the BEN coin project was a 100% rug
pull. Reacting to the tweet, Schwartz asked the user if he believed
the rug pull would occur in the future or if Bitboy’s involvement
in the project was a rug pull. Schwartz further concluded that he
believed one of those scenarios. Do you mean that the rug will be
pulled in the future? Or do you mean that Bitboy joining the team
is itself a rug pull? Because one of those things I definitely
agree with. — David "JoelKatz" Schwartz (@JoelKatz) May 10, 2023
However, the popular crypto influencer Ben Armstrong,
”Bitboy”, reacted to these allegations stating that they are
products of ignorance and hate. He further explained that he is a
force to reckon with in the crypto space, participating in projects
that affected over 99% of the community. Also, he explained that
his company employs over 40 people. According to Armstrong, he has
produced two videos daily in the past five years, a testament to
his commitment to educating the crypto community. Bitboy
asked the crypto community to stop believing memes that can create
a negative impression. Also, in another tweet, Armstrong informed
his followers that he was taking over the BEN coin project. He also
agrees with @eth_ben, a Twitter user, that BEN coin’s liquidity and
assets will be transferred to him in a week. Notably, BitBoy stated
earlier that the coin was launched to serve as the governance token
for his DAO. Also, the BEN token launched and traded for two days
before BitBoy announced its existence. How Is BEN Token
Faring Today? The token is gaining massive traction on the chart
today as bulls seem to control the current scenario. It indicates
price volatility for the asset in the bullish direction. Although
BEN is relatively new, it has formed several highs and lows on the
price chart as market forces act on its price. Related Reading:
Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid
Staking Market -Featured image: Pexels, chart: TradingView
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