Ben Armstrong, the prominent ex-host of the Bitboy Crypto YouTube channel, has broadcasted his intent to auction off his Bored Ape Yacht Club NFT. Armstrong eyes capitalizing on the digital asset to address his personal financial exigencies.
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Bored ape yard sale
In a tweet post dated October 1, Armstrong disclosed his agenda to sell the treasured Bored Ape Yacht Club NFT, a renowned digital collection from Yuga Labs. The digital asset, Bored Ape Yacht Club #8424, is priced at 56 ETH, translating to $96,488 at the current crypto rates.
Additionally, Armstrong is looking to sell a tangible statue of the Bored Ape Yacht Club NFT, priced near $10,000, along with a $2,500 painting. This move hints at a monetary crunch, with Armstrong hustling to raise funds.
It was later found out that, roughly two weeks ago, Armstrong had issued a loan on NFTfi using his Bored Ape as collateral. Another crypto influencer, known as Cirrus, lent 20.15 in wrapped Ether (worth approximately $32,000) and was hoping to keep the NFT to himself. However, Armstrong has managed to come up with sufficient funds to pay the loan back.
The downfall of Bitboy
The crypto influencer had previously asked his community for donations despite owning a mansion and several sports cars. Despite his fortune, Armstrong managed to fundraise over $200,000 from his followers in order to finance his legal fund.
Shortly after, Armstrong was arrested during a live stream where he confronted one of his former team members from the Bitboy YouTube channel, now named Discover Crypto.
Controversial NFT sale
The attempt to sell his Bored Ape via Twitter (X) has triggered a whirlpool of criticism. Detractors argue that Armstrong should have mulled over this sale earlier instead of soliciting donations, a move that has seemingly put his credibility on the line. Responding to the tweet, user @IncomeSharks stated:
“You will never get your reputation back after asking for donations. I see people that can’t even feed their family have more pride than you to not even ask for money.”
Critics also wonder about the timing of this auction and the real narrative behind it. Armstrong is selling several of his luxury assets, be it digital or physical. It remains to be seen if this sale is meant to finance Armstrong’s legal expenses or his expensive, cocaine-fueled lifestyle.