HomeCrypto UpdatesReport: Ben Armstrong Solicits Donations for His Own Benefit Despite Holding $80M...

Report: Ben Armstrong Solicits Donations for His Own Benefit Despite Holding $80M XRP

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Last updated Sep 22, 2023

Many people in the crypto community criticised Ben Armstrong because he raised donation funds from his followers while holding a huge amount of money in a wealth bag.

Ben Armstrong has been a popular full-time crypto YouTuber since 2018. He was running “Bit-Boy Crypto” named YouTube channel as a subsidiary of BJ Investment Holdings, the parent company of Hit Network. Last month, BJ Investment Holdings removed Ben Armstrong from the company.

This difficult decision is a culmination of a prolonged effort to help Ben during his relapse into substance abuse as well as reconcile the emotional, physical and financial damage he has done to the employees of Hit network & the Bitboy Crypto community.

— Bitboy Crypto (@Bitboy_Crypto) August 28, 2023

Following that decision, Armstrong became entangled in a lawsuit against his former partners from HIT Network. He said that assets seized by the company were registered under the company’s name but belonged to him.

On behalf of the request, Armstrong shared his XRP crypto address to receive donations so that he could use his funds to fight against the company.

Several people have asked about an $XRP donation address for my legal fund.

I have an XRP video coming out soon and I appreciate the support.

XRP Address:

rJmXYcKCGJSayp4sAdp6Eo4CdSFtDVv7WG

Tag
3259094467

Thx for the support

— Ben Armstrong (@BenArmstrongsX) September 21, 2023

We can see that the shared address already holds $80+ million worth of XRP coins and in the last couple of days the address received 315,360 XRP+ coins. 

So far it is unconfirmed from where these funds came, whether personal stash, donation, or from an unknown origin. Many crypto users noted that Armstrong was holding huge amounts of money but still asking for donations, but why?

BitBoy Crypto holds $80 million in XRP, yet asks community for donations👀👀

WTF👀👀👀👀👀👀👀https://t.co/DDAjq0h8Fp

— 🇳🇱 MackAttackXRP® 🇳🇱 64K-XRP-Followers (@MackAttackXRP) September 22, 2023

No doubt that Armstrong faced criticism for this reason but many people defended him and said how can we say that a shared address’s holding funds belongs to Armstrong’s wealth.

Few people tried to solve this mystery and said that there is a possibility that the XRP address shared by Armstrong belongs to his crypto wallet account on any centralised crypto exchange and funds belongs to that exchange.

Pretty sure that’s an exchange address and then the tag lets the exchange know how much he has on chain in that wallet?

— GuinnessStache (@guinnessstache) September 22, 2023

Read also: JPEX crypto exchange busts in $166M scam 

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