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Ripple CTO Addresses Controversy Surrounding BitBoy’s BEN Token Sell-Off

The crypto space is bubbling with many comments and reactions about the sale of BEN tokens by the famous crypto influencer Ben Armstrong, also known as BitBoy.

One of the notable reactions came from the Ripple Labs CTO, David Schwartz, who disclosed that his lack of trust in the YouTuber goes far back in the past. 

BitBoy Accused Of Dumping BEN Token

Armstrong allegedly sold off his BEN tokens, a newly launched crypto asset he controls. As reactions on social media platforms intensified, Schwartz revealed his dislike for BitBoy.

The CTO responded to a tweet on May 18 implying that Armstrong operated as a scammer by selling off the tokens even when he promised never to do so.

Schwartz boldly stated that, “I was hating on him before it was cool.” This indicated that Schwartz’s negative view of Armstrong dates back to the past, even before the recent incident.

A Web3-based corporate attorney and the Founder and Principle lawyer of Givner Law firm, Ariel Givner, also shared a Twitter post about an interview with BitBoy on May 14.

During the interview, Armstrong reportedly mentioned that he had no intention of selling BEN tokens. Givner disclosed how BitBoy expressed his trust and commitment to the BEN project. She also recalled that BitBoy revealed plans to maintain his holdings regarding his close ties with the project.

Additionally, the YouTuber had earlier stated that he had not locked his BEN tokens intentionally. To him, it’s a means of pissing off his haters that believe he is dishonest, a scammer, and a grifter. But according to Givner, the YouTuber contradicted his words and sold all the BEN tokens in his holding.

She alleged that Armstrong disposed of all his BEN tokens for approximately 45 ETH through multiple transactions. While providing proof of the transactions, Givner retorted that it’s “A tale as old as time.”

BitBoy Denies Dumping The Tokens

Armstrong has denied allegations of dumping the BEN project. The crypto influencer explained that he moved the tokens to generate funds for financing a deal that involves the BEN Foundation.

The YouTuber said that the original backer of the deal was delayed, so he sold off his tokens to step in and support it. Meanwhile, BitBoy didn’t reveal the transaction, and his claims didn’t go down well with most proponents.

However, the on-chain data provider, Etherscan, highlighted transactions from the wallet address connected to Armstrong. According to the data, the YouTuber swapped about 1 trillion BEN tokens for almost 45 ETH in three separate transactions.

BEN

Featured image from Pixabay and chart from Tradingview.com

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Ripple Could Gain A New Ally Against The SEC, BitBoy

Crypto influencer Ben Amstrong, alias Bitboy, has dropped a hint regarding the ongoing XRP lawsuit. The influencer asserted that Ripple and XRP could get a new ally in the ongoing SEC lawsuit.

Following Bitboy’s assertion, the potential ally is the largest US-based crypto exchange, Coinbase, which recently filed a petition against the SEC.

Bitboy’s revelation follows a meeting between the chief legal officers of Ripple and Coinbase, Stuart Alderoty and Paul Grewal.

Recent Events Hint At Potential Coinbase And Ripple Alliance

Coinbase has been at cross-chairs with the SEC over the regulator’s approach to crypto regulation. This issue led Coinbase to sue the SEC in response to a Wells notice from the regulator alleging securities law violation.

Related Reading: Bitcoin On-Chain Transactions Reach New Heights, What’s Fueling the Surge?

Stuart Aderoty’s remark in response to Coinbase’s fight against the SEC led many to believe the two firms might align against the regulator. The recent statement by Bitboy and the meeting of the two lawyers further confirm these speculations. 

Although the specifics of the meetings remain unknown, both lawyers seemed excited about it. Grewal confirmed this by saying that they need to meet more often.

More so, Stuart Alderoty expressed his gratitude, adding that Ripple’s legal team spent time discussing with Grewal. This statement suggests the meeting was professional and involved Ripple and Coinbase, not just a chance encounter.

Why This Alliance May Be Imminent

Due to the scarce information about the meeting, the XRP community began speculating on an alliance between the firms. 

John Deaton, commenting on the meeting between the two attorneys, noted that survival in the US regulatory atmosphere could require a team-up with one’s enemy.

The alliance speculations follow advice from prominent personalities like US congress candidate January Walker and attorney John Deaton. These two have urged the crypto community to team up and fight against the SEC’s regulatory war on cryptocurrencies.

Ripple Could Gain A New Ally Against The SEC, BitBoy

Coinbase’s recent lawsuit against the SEC asking the regulator for clear regulatory guidelines excited the XRP community and the broader crypto industry.

Moreover, Alderoty’s remark, “the enemy of my enemy is my friend,” shortly after Coinbase confirmed the Wells notice hinted at a potential alliance between both firms.

Featured image from Pexels and Chart from TradingView.com

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This Crypto Influencer Predicts Bitcoin Price At $25,000-$30,000 Soon

The start of 2023 is bringing a different phase in the crypto market. Over the past few days, most crypto assets have regained value. The bullish trend has spiked a new sentiment in the market as several positive predictions have emerged.

Ben Armstrong, a popular YouTuber known as BitBoy, predicted a bullish trend for Bitcoin in a few weeks. Armstrong, the author of a new book “Catching Up To Crypto” took to Twitter to express his views on BTC’s future price surge.

Bitcoin Price Rally Triggers Bullish Sentiment

According to Armstrong, the primary crypto asset has triggered a bullish sentiment in the crypto community with its recent uptrend. Finally, BTC broke the barrier and climbed to the $18,000 level. As of January 12, the leading token reached $19K during trading hours.

A review of the price history indicated that BTC reached the $15K region in November 2022. Notably, Bitcoin started alternating between $16,000 and $17,000 in December 2022. But this 2023, the primary crypto asset is showing impressive price movement.

Bitcoin

According to BitBoy’s post on Twitter, Bitcoin will gradually reach $25,000 or $30,000 this year. He forecasted that BTC would attain this new price rally within the next 10 to 15 weeks. Also, several people are becoming bullish in their trades with Bitcoin.

On January 11, Armstrong posted about his belief in Bitcoin’s price explosion in 2023. However, the controversial YouTuber noted that the primary cryptocurrency might not hit a new all-time high (ATH) this year.

On January 12, Bitcoin slightly hit the $19,000 level before retracting to the $18K level. BTC’s new price rally is likely due to the risk-on sentiments associated with other markets.

At the time of writing, the price of Bitcoin is hovering around $20,627. This shows that the token increased by 3.50% within 24 hours. Bitcoin’s market cap is about $366.43 billion having a surge of 4.62% in the past day. Also, its dominance over altcoins is 40.26%.

This Crypto Influencer Predicts Bitcoin Price At $25,000 - $30,000 Soon

Recall that in December 2022, Armstrong gave a forecast for Bitcoin. According to BitBoy’s tweet, the end of 2023 will see BTC reaching the $30,000 level. Also, he predicted the token would finally hit a new all-time high (ATH) by the end of 2024, while a new cycle of bearish trend would break out in 2025. But now, analysts believe BTC will reach the price mark in a few weeks.

Crypto Whales Resume Transactions In Bitcoin

With the recent BTC price rally, some crypto whales have resumed massive transactions in BTC. Some of the on-chain data providers have recorded huge BTC transactions recently.

According to WhaleAlert, an unknown whale moved 5,545 BTC tokens to another anonymous wallet. The value of coins is worth over $104.3 million in the current market prices. On January 12, 4.000 BTC tokens worth $72.51 million were moved from an unknown wallet to the Huobi crypto exchange.

Further, Santiment, an on-chain data firm, confirms the increasing whale transactions involving BTC.

The data provider reported that the BTC whale transactions average had exceeded 1,700 daily. This new average occurred for the first time in the past two months.