- Bitboy Crypto faces backlash for joining the newly launched meme token, BEN Coin.
- Ripple CTO calls BEN Coin a rug pull.
- BEN Coin aims to become an attention economy token to promote crypto adoption.
The crypto community is up against Ben Armstrong, a famous crypto influencer known as Bitboy Crypto, over his recent announcement about joining the project team of the newly launched meme token, BEN Coin.
On Twitter yesterday, David Schwartz, the Ripple (XRP) blockchain chief technology officer (CTO), said he agrees 100% that the BEN meme coin project is a rug pull, given Armstrong’s decision to join the team.
Do you mean that the rug will be pulled in the future? Or do you mean that Bitboy joining the team is itself a rug pull? Because one of those things I definitely agree with.— David "JoelKatz" Schwartz (@JoelKatz) May 10, 2023
Notably, rug pull is a type of scam in crypto and DeFi markets, where the project organizers suddenly and intentionally remove all liquidity and disappear with investors’ funds. This action causes the token’s price to plummet.
While the Ripple CTO sees no future in the BEN coin, Billy Markus, the co-founder of the most prominent meme coin, Dogecoin (DOGE), also expressed disappointment at the announcement from Armstrong.
In a tweet, Markus called the update “pretty lame” after Armstrong disclosed that he and two other persons answering the Ben name would make up “The Three Wise Ben” team to direct the meme coin project. Markus’ response generated a lot of reactions, with some people calling for Armstrong to be sued if the BEN coin eventually goes to zero.
When it goes to 0 and doesn’t deliver on anything, does this mean he can be sued? How does this fit into the current legal narrative— Savvy | Artist (@MadamSavvy) May 9, 2023
Nonetheless, according to Armstrong, the project’s primary aim is to transform BEN from a meme coin to an attention economy coin to promote the adoption and usage of crypto. Armstrong expressed his admiration for the existing community around BEN and stated that they would collaborate to bring about more positive changes.
Notably, the attention economy coin concept seeks to reward users for their attention and engagement, creating a self-sustaining ecosystem.
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