Ripple CTO David Schwartz acknowledged that crypto analyst Bitboy’s altcoin project is a rug pull scam.
Bitboy is preparing rug pull with this altcoin
Ben Armstrong, the famous crypto phenomenon and analyst known as Bitboy Crypto, is receiving criticism for his latest move. The 1 million-follower phenomenon announced on May 10 that it will join the project team of a new meme token, BEN Coin. He has been marketing this type of crypto frequently lately.
Ripple (XRP) Blockchain chief technology officer (CTO) David Schwartz commented on Armstrong’s latest move. Yesterday he said on Twitter that the BEN project is a rug pull. This type of scam involves luring investors into a seemingly lucrative new project and then running away with all the money.
This is 100% a rugpull. https://t.co/PYyKoyg32j
— ⌖ Sir Clown Sniper ⌖ (@SirClownSniper) May 10, 2023
cryptocoin.com As you can follow, there have been countless rug pull attempts since last year. In particular, the DeFi market is home to such scams. This action is devastating on altcoin prices.
Ripple CTO was one of the names that reacted to Bitboy’s announcement. Bitboy announced on May 9 that he has joined a new project called BEN. Following this, Schwartz said, “You mean there will be rug pulls in the future? Or do you mean that Bitboy joining the team was a rug pull in itself? Because it’s definitely one of the things I agree with.”
Ripple and Dogecoin executives reacted
The CTO of Ripple sees no future in BEN coin backed by Bitboy. In addition, Billy Markus, the co-founder of Dogecoin (DOGE), also expressed his disappointment with Armstrong’s announcement.
In a tweet, Markus described the update as “rather underhanded” after Armstrong announced that he and two others who responded to the name Ben would form the “Three Wise I” team to lead the project. Markus’ response sparked a lot of backlash. Some people have called for Armstrong to be sued if the BEN coin eventually drops to zero.
this is pretty lame
— Shibetoshi Nakamoto (@BillyM2k) May 9, 2023
By the way, let’s mention that Bitboy is sued with the SEC. The crypto phenomenon is accused of secretly supporting FTX. Moreover, BitBoy said it was “quite excited” about the case.
He tweeted on that date, “When I file a lawsuit against the plaintiffs and the attorneys involved, we will finally be able to definitively prove that I never had a contract with FTX. “This will be the easiest money anyone has ever made since SBT has been in years.”
Bitboy is confident
According to Armstrong, the primary goal of the project is to promote the adoption and use of crypto. Accordingly, BEN coin will form the basis of the meme economy. Armstrong expressed his admiration for the existing community around BEN. He stated that they will cooperate to bring more positive changes.
