Ripple's CTO, David Schwartz, recently responded to a tweet from a crypto enthusiast and referred to the BEN Coin project as a "100% rug pull." Despite expressing reservations about the new crypto project, Schwartz asked the poster why he believed it was so successful.
This comes at a time when many cryptocurrency projects are being launched, but fraudulent projects and copycats are also attracting unsuspecting investors.
A rug pull is a type of crypto scam where the project's founder suddenly withdraws the project's liquidity and disappears with the investors' funds. This leads to a sharp drop in price and losses for the investors.
In response to the tweet, Schwartz asked the user whether he believed that a rug pull would be carried out in the future or whether Bitboy's involvement in the project was a rug pull. Schwartz then concluded that he believed in one of these scenarios.
Popular crypto influencer Ben Armstrong, also known as "Bitboy," responded to these accusations by stating that they were based on ignorance and hate. He further explained that he is a serious force in the crypto industry and participates in projects that over 99% of the community are not. He also mentioned that his company employs over 40 people.
Armstrong urged the crypto community not to believe memes that can leave a negative impression.
Furthermore, in another tweet, Armstrong informed his followers that he would be taking over the BEN coin project. He also agreed with @eth_ben, a Twitter user, that the liquidity and assets of BEN coin would be transferred to him in a week.
Previously, BitBoy had stated that the coin was introduced as a governance token for his DAO. Additionally, the BEN Token was introduced and traded two days prior to BitBoy's announcement of its existence.
Today, the token is gaining significant value on the chart, as the bulls appear to be controlling the current scenario. This suggests price volatility in a bullish direction for the asset.
Although BEN is relatively new, it has formed several highs and lows on the price chart as market forces impact its price.
