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Ben Armstrong, known as BitBoy Crypto, is no stranger to the limelight or controversy. Armstrong, a famous influencer, and his associates are facing a class-action lawsuit filed by investors regarding the $BEN token.
The plaintiffs alleged that Armstrong and his team actively promoted the $BEN token, promising considerable returns to potential investors. However, many of these investors saw significant losses instead.
A CEO’s Fall and Legal Conflict
Armstrong’s entanglement with $BEN began with his public endorsement of the token, launched by influencer ben.eth in May 2023. His brief tenure as CEO ended within a month, leaving behind a trail of disputes. His role in the promotion of $ BEN reportedly contributed to his removal from Hit Network, a subsidiary of BJ Investment Holdings, in August 2023.
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Personal challenges further clouded his departure. Ben Armstrong also faced substance abuse allegations, which he partly admitted, and a legal issue over a Lamborghini that resulted in his arrest.
Armstrong’s troubles did not end with the lawsuit. The Commodity Futures Trading Commission (CFTC) is investigating him as part of a broader inquiry into fraudulent activities across 15 cryptocurrencies, including $BEN. The probe zeroes in on trading practices and wallet connections linked to Armstrong and Hit Network, the media company he once dominated.
The spotlight intensified when Armstrong admitted to accepting payments for promoting tokens, some of which were scams. Despite these revelations, he insisted the endorsements were not deliberate attempts to deceive.
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BitBoy Crypto Pattern of Legal Wrangling
Armstrong’s legal troubles are ongoing. He recently filed and quickly dropped a defamation lawsuit against influencer Erling Mengshoel, popularly known as Atozy. The case stemmed from Atozy’s sharp critique of Armstrong’s advice and promotional activities.
Armstrong later regretted the situation, adding to the negative attention surrounding his reputation. In another legal misstep, Armstrong planned a class-action lawsuit against Celsius after its bankruptcy.
He later changed his mind upon recognizing his involvement in promoting the platform. These incidents reflect Armstrong’s growing legal challenges as he navigates his public career.
What Lies Ahead for Ben Armstrong?
Ben Armstrong’s future in crypto is uncertain due to his growing legal issues and increasing public scrutiny. The $BEN lawsuit and the ongoing CFTC investigation highlight the critical need for transparency and accountability in the crypto industry. In this space, trust is as valuable as the digital assets themselves.
Once a symbol of crypto optimism, Armstrong’s path forward is now unclear. His situation warns other influencers in the volatile world of digital assets. It shows how quickly a reputation can unravel in such an unpredictable space.
