© Reuters. Ripple CTO Approves Bitboy’s BEN Coin Project Is 100% A Rugpull Scam
- Bitboy Crypto is facing backlash for joining the newly launched meme token, BEN Coin.
- CTO calls on BEN Coin to pull the rug out.
- BEN Coin aims to become an economic token to encourage cryptocurrency adoption.
The cryptocurrency community is facing Ben Armstrong, the popular crypto influencer known as Bitboy Crypto, over his recent announcement of joining the team of the newly launched token meme project, BEN Coin.
On Twitter yesterday, Ripple (XRP) Blockchain Chief Technology Officer David Schwartz said he 100% agrees that the BEN meme project is a token, given Armstrong’s decision to join the team.
Do you mean that the rug will be pulled out 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
It is worth noting that the rug pull is a type of scam in the cryptocurrency and DeFi markets, in which the organizers of the project suddenly and deliberately remove all liquidity and disappear with the investors’ money. This action causes the price of the token to drop.
While the CTO of Ripple sees no future for the BEN coin, Billy Marcus, co-founder of the most prominent meme coin, (DOGE), also expressed his disappointment with Armstrong’s announcement.
In a tweet, Marcus called the update “very thin” after Armstrong revealed that he and two other people who answer Ben’s name would be teaming up “The Three Wise Ben” to direct the meme coin project. Marcus’s response sparked a lot of backlash, with some people calling for Armstrong to be sued if BEN eventually goes to zero.
When he goes to 0 and doesn’t provide anything, does that mean he can be sued? How does this fit into the current legal narrative
– savvy | Artist (@MadamSavvy) May 9, 2023
However, according to Armstrong, the primary goal of the project is to transform BEN from a meme currency into an economic interest currency to encourage the adoption and use of cryptocurrencies. Armstrong expressed his admiration for the existing community around BEN and stated that they would collaborate to bring about more positive changes.
Notably, the attention economy coin concept seeks to reward users for their attention and engagement, creating a self-sustaining ecosystem.
Ripple’s technical transfer director agreed after Bitboy’s BEN Coin project is 100% Rugpull Scar for the first time in Coin Edition.