Bitboy dumps eponymous crypto tokens after promising not to sell Bitboy dumps eponymous crypto tokens after promising not to sell
Bitboy defended his sales, saying the BEN token has a new backer struggling to move funds through traditional accounts.
2 min read
Updated: Jul. 12, 2023 at 12:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto influencer Ben Armstrong (BitBoy Crypto) dumped all his BEN tokens a week after promising not to sell for six months.
On-chain sleuth Amir Ormu first revealed this, sharing an address that was doxxed by Bitboy when he initially promised not to sell. According to Ape’s Prologue, the influencer made 44.7 ETH — worth $80,000 — from the transaction.
BEN was a memecoin created to capitalize on the hype surrounding more popular meme assets like PEPE, WOJAK, etc. The token immediately generated interest from the community due to Bitboy’s popularity after eth_ben sent him a considerable amount of coins for free.
This generated concerns that Bitboy would immediately dump the token. At the time, he committed to not selling for six months but said he would not be locking the coins because he wanted to piss off those who called him “a grifter, scammer, dishonest & a P&D’er.”
Bitboy defends action
Following the disclosure that he sold, Bitboy said he made a deal with eth_ben to sell his original token allocation. The deal is for him to get 1000 ETH and $250,000 in stablecoins paid over six months.
Bitboy said the meme token has another backer struggling to move funds from traditional accounts. According to him, this is why the deal is not yet official.
By the time the deal is done, he said the Ben Coin Foundation would hold 106 trillion tokens that can only be sold once the token hits a market cap of $500 million.
However, several crypto community members consider his explanation far from the truth. There are also speculations that eth_ben dumped the token on Bitboy, while some claim he paid Bitboy to shill the token.
Following the drama, the BEN token value has dropped 11% in the past 24 hours to $0.00000007333, and the token market cap is now at $30.8 million, according to CoinMarketCap data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Benjamin Armstrong, popularly known as “Bitboy” is a YouTuber, podcaster, cryptocurrency enthusiast, and creator of BitBoyCrypto.com.
