With the recent announcement of BitBoy joining the BEN team, Ripple CTO David Schwartz suggests that the project could be submitted to a rugpull, which is defined as the withdrawal of all investor funds without any restitution. The community has expressed their worry and confusion as to what this might mean in the future of the project.
There has long been skepticism surrounding meme coins, with many suggesting that they are nothing more than pump and dump schemes. With more experienced and influential members, like BitBoy, joining such projects, the concerns of the community seem to be mounting.
Despite the controversy, the BEN project continues to press on. BitBoy has since explained his involvement, claiming that he is working hard to create a legitimate crypto project that will promote adoption and increase the use of cryptocurrency. Some members of the community, however, remain unconvinced and the Ripple CTO David Schwartz refusing to take sides alludes to a potential future rug pull. Only time will tell how this project will unfold.
Cryptocurrency has been gaining significant momentum in recent years, but with projects like BEN, it is difficult to separate real-deal projects from rugpulls. BEN coin recently came into being at the peak of the meme token craze and managed to gain a solid capitalization of $30 million and nearly 14,000 holders. However, with the entry of the influencer and cryptocurrency guru Ben "BitBoy" Armstrong to the BEN team, the fears of a possible rugpull have arisen.
In response to questions of legality, Ripple CTO David Schwartz addressed the concerns with a simple statement of agreeing that one of the two potential scenarios could indeed hold true.
Therefore, it is difficult for investors to assess the project's results accurately. BitBoy reassured the community that he is working hard to create a legitimate project that will be beneficial to the crypto community and promote the use of cryptocurrency as money, however, such initiatives must still be approached with caution. Subsequently, whether or not the rug will be pulled in the future is uncertain and only time will tell what lies ahead for BEN.
Oliver Martinez
- 2023-05-11
Is the BEN Project Legitimate?
Ripple CTO David Schwartz questions the legitimacy of BEN project after BitBoy joins the team, leaving investors and the crypto community uncertain and confused.
