Ben Armstrong raises donations for himself, while having $80M XRP (Updated)

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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.

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. 

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?

https://twitter.com/MackAttackXRP/status/1705196770899145049?t=Hr0erEjb8PXN5fkWADLBxw&s=19

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.

Update: Ripple executive David Schwartz responded to a similar report by Finbold and said that report was totally nonsense.

In a response tweet, Schwartz said that XRP crypto address can have multiple wallet corresponding to different tag.

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