Ripple’s chief technology officer (CTO), David Schwartz, responded to a tweet from a crypto enthusiast, calling the BEN Coin project a 100% rug puller. Schwartz asked the poster why he believed this, but still expressed his reservations about the new crypto project.
So many crypto coins are launched in the market daily. However, fraudulent schemes and sweepstakes also entice unsuspecting clients to invest.
A rug draw is a crypto scam where the project founder suddenly withdraws cash from the project, disappearing with the investors’ funds. This leads to a sharp drop in prices and losses for investors.
David Schwartz expresses reservations about BEN Coin
A Crypto Enthusiast Thinks The BEN Coin Project Was A 100% carpet traction. Reacting to the tweet, Schwartz asked the user if he thought rug pulling would happen in the future or if Bitboy’s involvement in the project was rug pulling. Schwartz further concluded that he believed in one of these scenarios.
Are you saying the rug will be pulled in the future? Or are you saying that Bitboy joining the team is itself a carpet pull? Because one of those things I definitely agree with.
—David “JoelKatz” Schwartz (@JoelKatz) May 10, 2023
However, popular crypto influencer Ben Armstrong, “Bitboy”, reacted to these allegations claiming that they are the product of ignorance and hatred.
He additionally has explain that he is a force to be reckoned with in the crypto space, participating in projects that have impacted over 99% of the community. Also, he explained that his company employs more than 40 people.
According to Armstrong, he has produced two videos a day for the past five years, which shows his commitment to educating the crypto community.
Bitboy has asked the crypto community to stop believing in memes that can create a negative impression.
Also in another tweetArmstrong informed his followers that he was resuming the BEN coin project. He also agrees with Twitter user @eth_ben that BEN coin liquidity and assets will be transferred to him within a week.
Notably, BitBoy said earlier that the coin was launched to serve as a governance token for its DAO. Additionally, the BEN token was launched and traded for two days before BitBoy announced his existence.
How is the BEN token doing today?
The token is gaining ground on the chart today as the bulls appear to be in control of the current scenario. It indicates the price volatility of the asset in the bullish direction.
Although BEN is relatively new, it has formed several highs and lows on the price chart as market forces act on its price.
– Featured Image: Pexels, Chart: TradingView