XRP Community Controversy: Armstrong’s $80 Million Portfolio

Recent reports indicate that Ben Armstrong’s XRP portfolio contains at least $80 million. The report asserted that despite Armstrong’s considerable XRP holdings, he solicited contributions from the XRP community to fund his legal defense.

Armstrong observed, “This is hilarious,” in response to the claim. He proceeded to give a comprehensive account of the situation.

Armstrong disclosed his financial entanglements with his former Chief Financial Officer (CFO), Timothy Shedd, and the defunct cryptocurrency lender business, Celsius, in his response tweet.

Shedd is the CFO of HIT Network, the media company Armstrong formerly worked for. Armstrong asserts that Shedd incurred a startling $3 million in crypto asset losses on the Celsius platform.

In addition, he mentioned that Shedd’s son, TJ Shedd, the CEO of HIT Network, had made his father the CFO even though the latter lacked substantial financial experience.

The primary issue was that the company’s and Armstrong’s XRP holdings were in the custody of the defunct platform.

In addition, Armstrong argued that the HIT Network CEO refused to dismiss his father despite the mismanagement of funds. Armstrong observed, “They stole all of my cash.”

The claim that Armstrong has 160 million XRP piqued David Schwartz’s interest, but he still asked for financial support.

Schwartz stated that the publication was worthless and unreliable. According to him, the article is unintelligible. This remark is made regardless of Schwartz’s periodic attacks on Armstrong on X.

Other members of the XRP community also expressed displeasure with the publication, citing its subpar quality. Some asserted that it was merely clickbait.

As they correctly pointed out, the author overlooked a crucial element when analyzing the donation wallet Armstrong provided.

Specifically, the address was a wallet for an exchange. The crypto influencer had added his unique identifier, the destination tag, to the wallet, which the author wholly disregarded.

In other words, the exchange wallet contains $80 million worth of XRP. Someone claimed that Armstrong’s XRP donation wallet had only received 1,034 XRP from 13 benefactors.