When the company announced Ben Armstrong's disassociation from "BitBoy Crypto," the crypto influencer brand had garnered an audience exceeding 3.3 million followers.
The parent company of Hit Network, which oversees the "BitBoy Crypto" brand, has severed its connection with its public figure, Ben Armstrong. This decision was made due to concerns related to substance abuse and the negative financial impact on employees.
Through a statement released on YouTube and various social media platforms on August 28, a representative conveyed that the company arrived at this conclusion after providing support to Armstrong during his struggle with substance abuse. The announcement expressed remorse for the conclusion of the business association. The company asserted that Armstrong's actions had caused harm to Hit employees and individuals in the cryptocurrency field, both emotionally and financially.
The announcement provided no specific details about the events that might have triggered the termination of the business association with Armstrong. This crypto content creator had been engaged in a class-action legal proceeding, during which investors asserted that Armstrong and other influencers had supposedly endorsed FTX without disclosing compensation received from the exchange.
Within the context of the lawsuit, legal documents indicated that Armstrong had allegedly made threats towards the attorneys representing the plaintiffs and openly ridiculed the authority of a federal judge by failing to appear in court as instructed. On June 16, the case was temporarily halted.
Leveraging his expansive reach of over 1 million followers on X (previously Twitter) and subscribers on YouTube, Armstrong directed offensive comments at prominent figures, among them European Central Bank President Christine Lagarde and United States Securities and Exchange Commission Chair Gary Gensler. During August 2022, he initiated a lawsuit for defamation against YouTuber Erling Mengshoel Jr., recognized as "Atozy." However, Armstrong later abandoned the lawsuit after Mengshoel Jr. managed to gather over $200,000 in support of his legal defense.
Numerous users on X and YouTube showed solidarity with Armstrong in response to the announcement on August 28. They expressed apprehension about the prospects of the "BitBoy Crypto" brand without its most prominent figure. Armstrong initiated his YouTube channel in February 2018, and by August 2023, the BitBoy Crypto brand had amassed an expansive social reach, counting over 3.3 million followers.
Whether Armstrong's past legal complications played a role in the company's decision to sever ties remains uncertain. In the wake of the FTX collapse, numerous regulatory bodies globally have been scrutinizing crypto influencers for their promotion of potentially fraudulent ventures.
BitBoy Crypto brand will no longer include YouTuber Ben Armstrong (2023) Cointelegraph. Available at: https://cointelegraph.com/news/bitboy-crypto-brand-cuts-ties-youtuber-ben-armstrong (Accessed: 29 August 2023).