The parent company of Hit Network, which oversees the "BitBoy Crypto" brand, has decided to sever its association with public figure Ben Armstrong, citing concerns related to substance abuse and financial losses to employees.
A spokesperson, in an announcement shared on YouTube and various social media platforms on August 28, revealed that the decision came after Armstrong's efforts to assist "during his substance abuse relapse." The company expressed regret over ending the business relationship and ass erted that Armstrong's actions had caused "emotional, physical, and financial damage" to both Hit employees and others in the industry. However, the announcement did not elaborate on the specific events that led to the termination of Armstrong's involvement with the company.
The cryptocurrency influencer is currently involved in a class-action lawsuit in which investors allege that Armstrong and other influencers were engaged in promoting FTX without disclosing the compensation they received from the exchange.
According to court documents related to the lawsuit, Armstrong reportedly made threats towards attorneys representing the plaintiffs, publicly challenged the authority of federal judges, and failed to comply with court orders to appear in court. The case was put on hold on June 1 6. Armstrong has also used his substantial online platform, boasting over 1 million followers on platforms like X (formerly known as Twitter) and YouTube, to make derogatory remarks about notable figures such as European Central Bank President Christine Lagarde and SEC Chairman Gary Gensler. In August 2022 , he filed a defamation lawsuit against a YouTube user named Erling Menshoel Jr. (also known as "Atozy"), but later withdrew the suit after Menshoel Jr. raised over $200,000 for legal defense.
Following the announcement on August 28, many users on X and YouTube expressed their support for Armstrong and raised concerns about the future of the "BitBoy Crypto" brand, which now lacks its most prominent figure. Armstrong started his YouTube channel in February 2018 , and As of August 2023, the BitBoy Crypto brand has a combined social media reach exceeding 3.3 million followers. It remains unclear whether Armstrong's legal battles were a significant factor in the decision to cut ties with him. As a response to the FTX controlversy, regulatory bodies Globally have been focusing on cryptocurrency influencers suspected of promoting potentially fraudulent projects.
