Crypto influencer Ben Armstrong, popularly known as BitBoy Crypto, has faced criticism after selling all his BEN tokens just one week after vowing not to do so for a six-month period. The revelation came to light when on-chain investigator Amir Ormu disclosed an address that had been doxxed by BitBoy during his initial promise not to sell. This move sparked disappointment among followers and community members. Reportedly, BitBoy made a profit of 44.7 ETH, equivalent to $80,000, from this transaction, as reported by Ape’s Prologue.
BEN, a memecoin created to leverage the hype surrounding other well-known meme assets such as PEPE and WOJAK, quickly garnered attention from the community due to BitBoy’s prominence. This surge in interest was primarily driven by eth_ben’s decision to send a significant number of coins to BitBoy free of charge. However, this move also raised concerns that BitBoy would promptly offload the tokens. Despite committing not to sell for six months, BitBoy chose not to lock the coins, explaining that he aimed to annoy those who had labeled him as a “grifter, scammer, dishonest, and a P&D’er.”
BitBoy justified his decision to sell by revealing that he had struck a deal with eth_ben to sell his initial token allocation. Under the agreement, BitBoy is set to receive 1000 ETH and $250,000 in stablecoins, which will be paid out over a six-month period. He also claimed that another supporter of the meme token was facing difficulties in moving funds from traditional accounts, which is why the deal is still unofficial.
Once the deal is finalized, BitBoy stated that the Ben Coin Foundation would possess 106 trillion tokens, which can only be sold once the token reaches a market cap of $500 million. However, many members of the crypto community remain skeptical of BitBoy’s explanation and consider it far from the truth. There are speculations that eth_ben may have dumped the token on BitBoy, while others believe that BitBoy was paid to promote the token.
As a result of this controversy, the value of the BEN token has experienced an 11% decline in the past 24 hours, reaching $0.00000007333. According to data from CoinMarketCap, the token’s market cap currently stands at $30.8 million.