Key Takeaways:
- BEN coin dropped 20% on May 18.
- Who does the project belong to, after all?
- Did Ben Armstrong rug his investors?
YEREVAN (CoinChapter.com) – BEN coin partially pared its May 17 gains of 30% and dropped 20% on May 18. reaching $0.00000007208 in the Asian-Pacific session.
The choppy performance may be considered natural for a meme coin like BEN. However, the reason behind the drop is noteworthy.
Who owns BEN?
Ben coin made a splash when crypto personality Ben Armstrong, also known as BitBoy Crypto, picked it up as a pet project. He made a deal with the creator, anonymous @ben.eth, about buying the project, allegedly to “provide the necessary leadership,” and the coin soared triple-digits. Notably, the deal has not been finalized yet.
Armstrong then did not hesitate to shill the project and called it no less than an “adoption mechanism for the future.”
The praise did not stop there, as BEN is apparently, a “multi-billion market cap in the future.” Possibly for legal purposes, Armstrong then stated the obvious, that there are no guarantees, but assured his followers that he believes the direction BEN is going to be”absolutely amazing.” “This is not about the money and selling coins for profit,” added the influencer.
Why did Armstrong dump his coins?
However, on May 17, a rumor started circulating that the deal of buying up BEN was off, and Armstrong sold his tokens, which would mean he pulled off a simple ‘pump-and-dump’ scheme on BEN investors.
Ariel Ginver, a corporate attorney in Web3, also posted the news on BitBoy selling his coins after he did an interview with her, assuring he wouldn’t touch his BEN stash for at least 6 months. “It appears as if BitBoy and I have different definitions of 6 months,” commented Ginver.
However, BitBoy refuted the news, brushing it off as gossip. “Any rumors that the deal is off are FALSE,” claimed the influencer, citing his earlier explanation of the situation. He also replied to Givner’s tweet, saying, “You are so disingenuous it’s disgusting.”
According to Armstrong, the deal involved 1,000 ETH and a quarter of a million dollars paid in the plan of six months.
If I want the deal done by Friday I need to move some funds around. Ben Coin Foundation will hold 86T in tokens and 20T in Liquidity Pool for a total of 106T coins that can’t be sold until a $500M market cap on a vesting schedule. Details on this later in roadmap.
tweeted Ben.
He then went on to say that he would not have any personal control over the mentioned coins and that removing his personal wallet was “necessary.” “I could have broadcasted it, but I didn’t. I didn’t want to cause waves and yet here we are,” Armstrong added.
Also read: Are BEN and PSYOP crypto memecoins a scam?
