Home NFT Ben Armstrong Selling Bored Ape NFT to ‘Deleverage’ Amid Feud with Former Business Partners

Ben Armstrong Selling Bored Ape NFT to ‘Deleverage’ Amid Feud with Former Business Partners

by Melai Briones

Crypto influencer and Bitboy Crypto founder, Ben Armstrong, is selling his Bored Ape NFT #8240. In addition to the NFT, Armstrong is also offering a $10k physical statue and a $2500 painting for sale. However, his decision to sell the assets has received backlash from his followers.

Armstrong’s announcement comes after he was arrested last Monday following an apparent confrontation with his former business partner. In a live YouTube rant, Armstrong claimed that his former partner “wanted to kill him.” The reason for the confrontation and arrest is unclear.

According to Armstrong’s post on X, the $10k physical statue and $2,500 painting are currently held by VoomioNFT, a Web3 super app set to debut in Q4 2023. Armstrong mentioned that he needs to “move some money around” to de-leverage the assets before they can be released.

The post received criticism from Armstrong’s followers, with some questioning why he is selling the assets after receiving about $200k in donations in his Bitcoin and Ethereum wallets. Many believe that he should have sold the assets before accepting donations.

Armstrong’s Bored Ape NFT has received multiple offers, with the best offer currently standing at about 23.91 WETH (~$40,214). This price is significantly below the 56 ETH he paid to acquire the NFT, resulting in a loss.

It is worth noting that Armstrong mentioned that the funds from the sale were meant to fight an ongoing lawsuit against Hit Network CEO TJ Shedd and CFO Timothy Shedd Sr. Hit Network is the company behind popular crypto brands, including Bitboy Crypto. Armstrong’s removal from the company reportedly cost his YouTube channel 20,000 subscribers and the company $1 million in income.

The situation surrounding Ben Armstrong’s arrest and the sale of his assets remains unclear. However, it is evident that his decision has sparked controversy among his followers and raised questions about his financial decisions. Only time will tell how this situation will unfold and what impact it will have on Armstrong’s reputation and future endeavors in the crypto space.

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