The parent company of Hit Network, which owns the “BitBoy Crypto” brand, has severed its relationship with its public representative, Ben Armstrong, citing challenges related to substance addiction and financial harm to its staff.
In a statement released on Aug. 28 via YouTube and social media platforms, a representative of the company indicated that the decision was made after attempts to support Armstrong during his “return to substance abuse,” expressing regret over the termination of the business association.
The organization alleged that Armstrong caused “emotional, physical, and financial harm” to hit employees and others in the industry. The statement did not provide details on any specific events that might have led to the termination of the business relationship with Armstrong. The cryptocurrency YouTuber was previously involved in a class-action lawsuit where investors accused Armstrong and other influencers of promoting FTX without disclosing compensation received from the exchange.
During the lawsuit, court documents implied that Armstrong made threats against attorneys representing the plaintiffs and brazenly disregarded a federal judge’s authority by failing to attend court as instructed.
The case was put on hold on June 16. Leveraging his platform, which boasts over 1 million followers on X (previously twitter) and YouTube subscribers, Armstrong disparaged prominent individuals, including European Central Bank President Christine Lagarde and U.S. Securities and Exchange Commission Chair Gary Gensler.
In August 2022, he initiated a defamation lawsuit against YouTuber Erling Mengshoel Jr., also known as “Atozy,” but withdrew the case after Mengshoel Jr. amassed over $200,000 for his defense. Following the Aug. 28 announcement, many X and YouTube users expressed their support for Armstrong, voicing concerns about the future of the “BitBoy Crypto” brand without its most iconic figure.
Armstrong inaugurated his YouTube channel in February 2018, and by August 2023, the BitBoy Crypto brand had accumulated a total social reach of over 3.3 million followers. It remains uncertain whether Armstrong’s past legal issues contributed to the company’s decision to part ways with him. Numerous global authorities have been scrutinizing crypto influencers for endorsing allegedly deceptive projects after the downfall of FTX.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up