Popular crypto influencer Ben Armstrong, alias BitBoy, has announced a parting of ways with the meme coin creator ben.eth amid allegations of a rug pull.
Meme coin season has become a breeding ground for scam and rug pull projects. Popular influencers often take advantage of their social media following to conduct a pump-and-dump on meme coins and low-volume projects.
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Today, the crypto influencer BitBoy announced he would no longer be working with the meme coin creator ben.eth. BitBoy wrote on Twitter:
“I have completely separated from @eth_ben. We will no longer working together in any capacity. Good luck to him on all accounts, but going forward, $BEN will have no association to any project related to him.
He also no longer holds any $BEN token.”
Last month, the Twitter user ben.eth created the meme coin BEN with the influencer. Later the pseudonymous meme coin creator also launched two other meme tokens, PSYOP and LOYAL.
Up until last week, BitBoy was aggressively promoting the meme coins ben.eth. On May 27, BitBoy announced he was joining the LOYAL team. And then he called the token “a huge project with massive utility that is going to change the Web3 space.”
He even predicted LOYAL to debut on the list of top 100 coins based on market capitalization.
Legal Actions
While some have accused BitBoy of a rug pull, others believe he is trying to avoid legal implications. A Twitter user Wirelyss made a sarcastic comment:
“Translation:
In case of an investigation by any federal entity or similar, I do not have any involvement with @eth_ben or with the coins from him, I do not know how I am here, probably added by a third party, I do not support any actions by the member of this group.”
After early investors in ben.eth’s PSYOP lost more than half of their investments, the community reported it as fraud. Eventually, Mike Kanovitz, a partner at the law firm Loevy & Loevy, filed a class-action lawsuit against the PSYOP token founder.
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As of writing, ben.eth’s wallet holds over 10,292 Ethereum (ETH) valued at over $19.2 million. Rug pulls are growing in the crypto space, especially with meme coin season in full swing. In May, investors lost over $45 million to rug pulls.
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