Famous crypto phenom and YouTuber Ben Armstrong (also known as Bitboy) sold his entire BEN investment just a week after announcing that he would not sell. Armstrong reportedly sold BEN tokens for 45 ETH, or about $81,922. Here are the details.
Armstrong started promoting BEN from the very beginning, when the altcoin was only two weeks old. With Bitboy’s support, the project has managed to progress quite successfully. On May 8, the price of BEN increased by 300%. But after a few hours, it dropped 200%.
Many claimed that Armstrong was the founder of the project. However, the YouTuber stated that he had nothing to do with the launch. Apparently, the token is a meme coin designed for people named “I”. Armstrong was one of the Bens supporting the project throughout its launch.
That said, Bitboy won’t be selling for 6 months to show people it’s not a “scam” told. And exactly one week later he sold his altcoin holdings. This caused confusion among his followers and fans. In particular, a well-known name in the cryptocurrency market sold his own investments, causing a loss of confidence in some people.
I interviewed @Bitboy_Crypto the other day about $I. 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 left his $I tokens for roughly 45 $ETH.
NEWS CONTINUES BELOWA tale as old as time.
— Ariel Givner, Esq. (@GivnerAriel) May 17, 2023
This development brought up rug pull, one of the most used fraud methods in the crypto money ecosystem. The scam is called “rug pull”, in which scam crypto developers, after increasing the value of their projects, stop trading and run away with the money they have obtained. In fact, Ripple CTO David Schwartz suspected BEN was a rug pull scammer from the moment Bitboy came into the picture.
Koinfinans.com As we have reported, this event once again reveals the volatility and risks of the cryptocurrency market. When investing in cryptocurrencies, it is always important to be cautious and assess the risks. It’s important to remember that you should do your own research and make independent decisions, rather than relying entirely on celebrity investment advice.
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