Ripple CTO Reacts as BitBoy Allegedly Dumps BEN Tokens

According to the CTO of Ripple, he already held negative views about BitBoy even before it became trendy or widely recognized to do so.

David Schwartz, the CTO of Ripple, has once again expressed his dislike for Ben Armstrong, the prominent crypto influencer and YouTuber popularly known as BitBoy. Schwartz’s latest remarks come on the back of allegations that BitBoy has dumped his BEN tokens despite promising to hold onto them.

“I was hating on him before it was cool,” David Schwartz disclosed in a recent tweet, highlighting that he was already critical of the crypto influencer before such criticism became socially acceptable.

I was hating on him before it was cool.

— David "JoelKatz" Schwartz (@JoelKatz) May 18, 2023

Notably, Ariel Givner, a web3-inclined corporate lawyer and the Founder & Principal Attorney of Givner Law firm, recently revealed that BitBoy expressed his deep-seated confidence in the BEN project to which he has close ties. According to Givner, BitBoy stressed in an interview on May 14 that he has no plans to sell his BEN tokens.

However, on-chain data suggests that BitBoy might have already dumped the BEN tokens in his portfolio, as alleged by Givner. “Today he sold his BEN tokens for roughly 45 ETH. A tale as old as time,” she remarked, sharing proof of the transaction.

I interviewed @Bitboy_Crypto the other day about $BEN. For over an hour, he stated this project meant something to him, that he was going to “lift crypto up” and had no plans to sell.

Today he sold his $BEN tokens for roughly 45 $ETH.

A tale as old as time.

— Ariel Givner, Esq. (@GivnerAriel) May 17, 2023

Data from Etherscan reveals that the wallet address linked to the prominent crypto influencer swapped 1 trillion BEN for 45 Ether (ETH), currently valued at $81K+, in three different transactions yesterday. The transactions occurred in three hours and completely emptied the balance in the wallet.

Responding to the allegations, BitBoy claimed that he had to move the funds so as to use the proceeds to facilitate a deal involving the Ben Coin Foundation. According to him, he chose not to disclose the transaction to avoid stirring up controversy. However, most proponents are taking this claim with a pinch of salt.

Ripple CTO Previously Called BEN a Scam

Schwartz, who also seized the opportunity to take another swipe at BitBoy, had previously called the BEN project a scam, as recently reported by The Crypto Basic. The Ripple CTO disclosed that he agrees with either assertion that the project is a potential rug-pull.

BitBoy denied these allegations, stressing that he’s been a public figure in crypto for over five years and would not risk carrying out a rug-pull. He emphasized in the past that he plans to hold his BEN tokens for at least six months. Last week, BitBoy wagered 5 BTC on the assumption that a year from now, BEN’s market cap will be higher than it currently is.