BitBoy Crypto Decides to Move Forward Without YouTuber Ben Armstrong

Hit Network, the parent company behind the well-known “BitBoy Crypto” brand, has decided to part ways with its public figurehead, Ben Armstrong, due to a combination of concerns related to substance abuse and negative impact on employees’ financial well-being.

The announcement, which was made on August 28 through YouTube and various social media platforms, explained that the decision to sever ties with Armstrong was the result of ongoing efforts to support him through a period of substance abuse relapse. The spokesperson expressed regret over the dissolution of the business relationship, highlighting that Armstrong’s actions had caused emotional, physical, and financial harm to both Hit Network employees and other individuals in the cryptocurrency space.

Although the announcement did not delve into specific incidents leading to the termination of Armstrong’s involvement, it’s worth noting that the crypto YouTuber had previously been embroiled in a class-action lawsuit. In this legal case, investors alleged that Armstrong, along with other influencers, had promoted FTX without transparently disclosing their compensation from the exchange.

As the lawsuit unfolded, court documents revealed instances where Armstrong purportedly issued threats against the attorneys representing the plaintiffs. Additionally, he openly challenged the authority of a federal judge by failing to appear in court as mandated. The legal proceedings were paused on June 16.

Leveraging his platform, which boasted over 1 million followers on X (previously known as Twitter) and a substantial YouTube subscriber base, Armstrong had made disparaging remarks about prominent figures such as European Central Bank President Christine Lagarde and United States Securities and Exchange Commission Chair Gary Gensler. Notably, in August 2022, Armstrong initiated a defamation lawsuit against YouTuber Erling Mengshoel Jr., known as “Atozy,” only to drop the case later when Mengshoel Jr. secured over $200,000 for his legal defense.

The news of Armstrong’s departure prompted numerous users on X and YouTube to express their support for him. Many expressed concerns about the future trajectory of the “BitBoy Crypto” brand without its familiar face. Armstrong had launched his YouTube channel in February 2018, and by August 2023, the BitBoy Crypto brand had amassed a substantial social media following exceeding 3.3 million individuals.

While the specific reasons behind Hit Network’s decision to sever ties with Armstrong remain somewhat unclear, it’s possible that his prior legal entanglements played a role. Authorities across various jurisdictions have increasingly scrutinized crypto influencers for their promotion of potentially fraudulent projects in the wake of the FTX collapse.

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