Ripple\u2019s 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.\u00a0<\/p>\n
So many crypto coins launch daily in the market. However, scam projects and rug pulls also deceive unsuspecting customers into investing.<\/p>\n
A rug pull is a crypto scam where the project founder suddenly withdraws the project\u2019s liquidity, disappearing with investor funds. This leads to a sharp price drop and losses for investors.<\/p>\n
A crypto enthusiast believes the BEN coin project was a 100% rug pull<\/a>. Reacting to the tweet, Schwartz asked the user if he believed the rug pull would occur in the future or if Bitboy\u2019s involvement in the project was a rug pull. Schwartz further concluded that he believed one of those scenarios.<\/p>\n 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.<\/p>\n \u2014 David “JoelKatz” Schwartz (@JoelKatz) May 10, 2023<\/a><\/p>\n\n However, the popular crypto influencer Ben Armstrong, \u201dBitboy\u201d,\u00a0 reacted to these allegations<\/a> stating that they are products of ignorance and hate.<\/p>\n He further explained<\/a> 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.<\/p>\n According to Armstrong, he has produced two videos daily in the past five years, a testament to his commitment to educating the crypto community.\u00a0<\/p>\n Bitboy asked the crypto community to stop believing memes that can create a negative impression.<\/p>\n Also, in another tweet<\/a>, 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\u2019s liquidity and assets will be transferred to him in a week.<\/p>\n 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<\/a> its existence.\u00a0<\/p>\n 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.<\/p>\n Although BEN is relatively new, it has formed several highs and lows on the price chart as market forces act on its price.<\/p>\n -Featured image: Pexels, chart: TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ripple\u2019s 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.\u00a0<\/p>\n So many crypto coins launch daily in the market. However, scam projects and rug pulls also deceive unsuspecting customers into investing.<\/p>\n A rug pull is a crypto scam where the project founder suddenly withdraws the project\u2019s liquidity, disappearing with investor funds. This leads to a sharp price drop and losses for investors.<\/p>\n A crypto enthusiast believes the BEN coin project was a 100% rug pull<\/a>. Reacting to the tweet, Schwartz asked the user if he believed the rug pull would occur in the future or if Bitboy\u2019s involvement in the project was a rug pull. Schwartz further concluded that he believed one of those scenarios.<\/p>\n 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.<\/p>\n \u2014 David “JoelKatz” Schwartz (@JoelKatz) May 10, 2023<\/a><\/p>\n However, the popular crypto influencer Ben Armstrong, \u201dBitboy\u201d,\u00a0 reacted to these allegations<\/a> stating that they are products of ignorance and hate.<\/p>\n He further explained<\/a> 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.<\/p>\n According to Armstrong, he has produced two videos daily in the past five years, a testament to his commitment to educating the crypto community.\u00a0<\/p>\n Bitboy asked the crypto community to stop believing memes that can create a negative impression.<\/p>\nHow Is BEN Token Faring Today?<\/h2>\n
David Schwartz Expresses Reservations About BEN Coin<\/h2>\n