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Why is BitBoy Asking for XRP Donations Despite Holding Tokens Worth $82 Million?

2 mins
Updated by Geraint Price
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In Brief

  • YouTuber Ben Armstrong is asking for XRP donations even though a wallet he owns holds tokens worth $82 million.
  • Some community members believe that the address shared by Armstrong is a centralized crypto exchange address.
  • Armstrong revealed he lost all his XRP on Celsius, which he previously promoted, adding to community frustration.
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Controversial YouTuber Ben Armstrong has shared his XRP address in an attempt to raise money to fund his legal battle, however, community members have been intrigued to discover the wallet already holds over 161 million tokens.

On Thursday, Armstrong shared the XRP address – “rJmXYcKCGJSayp4sAdp6Eo4CdSFtDVv7WG” and a tag – “3259094467” through X (Twitter), asking for donations.

Is Ben Armstrong Really Holding 161 Million XRP Tokens?

However, XRP blockchain explorer tools appears to show that the wallet address already holds over 161.5 million XRP tokens. The tokens are worth at least $82 million at the current market rate.

Click here to learn more about on-chain analysis.

Balance of the XRP address shared by Ben Armstrong.
Balance of the XRP address shared by Ben Armstrong.

This has invited wide scale community backlash. A community member wrote on X (Twitter):

“Honestly that’s kind of disgusting to beg your followers for their hard-earned money while you hold $80m in $XRP.”

However, other community members believe that the address shared by Armstrong is a centralized crypto exchange address. They explained that Armstrong shared a tag with the address, which means it’s not his personal wallet. An X (Twitter) user wrote:

“The fact it has a tag tells me it’s an exchange.”

Lastly, the community members criticized Armstrong for using a centralized exchange. A user commented:

‘So you let someone else custody all of your crypto?  Ledger Nano is literally less than $100 you clown.”

Click here to read our guide on the best hardware wallets for 2023.

BitBoy Lost Over $3 Million XRP Tokens on Celsius

Armstrong refuted the allegations, saying: “This is hilarious.” He further revealed that he lost all his XRP on Celsius. Armstrong wrote:

“1. My CFO, Timothy Shedd, single-handedly lost $3M in crypto on Celsius. And his son, TJ Shedd, the CEO, refused to fire him. TJ made his dad CFO in spite of having ZERO financial experience. All of our XRP was on Celsius.

2. They stole all my money.”

This revelation fueled more community frustration as BitBoy previously promoted the bankrupt crypto lender – Celsius. A community member wrote:

“Bro u promoted Celsius did you not?

Yet now ur blaming others? 

I’m quite confused here.”

On Wednesday, Armstrong started a donation campaign to fund his legal battle against the parent company of the BitBoy Crypto brand. The development comes after he was removed from the company.

Do you have anything to say about Ben Armstrong XRP donations or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.