tl;dr
The CFTC has issued a subpoena to Hit Network, a crypto media company connected to YouTuber Ben Armstrong (BitBoy), in relation to a meme crypto fraud probe. The subpoena covers 15 tokens, including the BEN meme coin associated with BitBoy. Although Armstrong was not mentioned in the subpoena, his p...
The CFTC has issued a subpoena to Hit Network, a crypto media company connected to YouTuber Ben Armstrong (BitBoy), in relation to a meme crypto fraud probe. The subpoena covers 15 tokens, including the BEN meme coin associated with BitBoy. Although Armstrong was not mentioned in the subpoena, his previous promotion of these tokens in YouTube videos has drawn attention.
Armstrong's affiliation with Hit Network ended in August 2023 amid allegations, including substance abuse claims, and a dispute over a Lamborghini. Armstrong has denied the substance abuse allegations and is in litigation with Hit Network. He admitted to promoting crypto scams but claims his involvement with BEN was accidental.
The BEN token, initially created by ben.eth, saw Armstrong briefly join its core team as CEO, sparking market discussions. 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.
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.
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.
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.