Regulation
CFTC Probes Ben Armstrong For Meme Crypto Fraud, What’s Happening?
The CFTC (Commodity Futures Trading Commission) has recently probed into a meme crypto fraud involving the renowned crypto YouTuber Ben Armstrong, also known as BitBoy. According to recent reports surfacing across the crypto horizon, the regulatory body issued a subpoena to Hit Network, a crypto media company that once had Armstrong as its public face. The subpoena encompasses 15 coins under its umbrella, including the meme coin BEN, a crypto related to BitBoy.
CFTC Issues Subpoena In Meme Crypto Fraud
The regulatory agency issued a subpoena to Hit Network on July 16 as a part of its effort to crack down on fraudulent activity surrounding 15 tokens, including BEN meme coin. Notably, Ben Armstrong has previously featured all these tokens in his YouTube videos. The crypto influencer, in his videos, even claimed that some coins could gain as much as 100x. However, a majority of these tokens saw converse reactions from the market and investors.
Nonetheless, it’s worth noting that the subpoena only mentioned Hit Network, not BitBoy. Concerning this, the YouTuber recently stated, “could not be more happy,” pointing toward the CFTC’s decision. BitBoy was earlier known to be in partnership with the Hit Network, although the collaboration soon saw turmoil.
Also, the videos featuring these tokens were made before March 2021 under the BitBoy Crypto brand, excluding the BEN coin. Hit Network initially gained traction as a media company with Armstrong as the host of the flagship show.
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BitBoy’s Fall: What’s The Scoop?
However, Ben Armstrong was affiliated with the crypto media company only till August 2023. The current CEO, T.J. Shedd, laid BitBoy off over substance abuse allegations. However, the cryptocurrency influencer has denied so, admitting to taking only diet pills and steroids.
Meanwhile, Ben was also arrested over squabbles with a former business partner over a disputed Lamborghini. The YouTuber is presently in litigation against Hit Network over his parting and the vehicle.
Further, speaking with ‘The Block,’ the crypto influencer stated, “All I have asked for over a year, is for people to listen to me,” drawing attention to CFTC’s subpoena. The YouTuber has agreed to doing paid promotions of crypto scams, although he claims BEN was accidental.
One of the tokens on the subpoena, BEN, is of particular interest in the subpoena. Although initially created by a pseudonymous influencer known as ben.eth on May 5, 2023, the token’s core team was later joined by Armstrong. The YouTube thereafter left the project but again came back and took over as the CEO, sparking discussions across the broader market.
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Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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