Ben Armstrong, BitBoy Crypto’s public face, has been removed from the YouTube channel and brand. The decision was made by the parent company of Hit Network, who alleged there were problems with substance abuse and financial damage.
BJ Investment Holdings took legal action to remove Armstrong from both the YouTube channel and the company, according to an announcement on X (formerly Twitter).
A more in-depth announcement was read out on a BitBoy Crypto livestream on YouTube.
A spokesperson said the company made the call following “a prolonged effort to help Ben during his relapse into substance abuse, as well as reconcile the emotional physical and financial damage he has done to the employees of hit Network and the Bitboy Crypto community”.
The company said there was “regret that it has come to this”.
The BenCoin account on X responded to news, but it is not clear whether Armstrong is behind the post. “TJ Shedd & Justin Williams have attempted a coup at my company,” it said. “There has been a mutiny at BitBoy Crypto & Hit Network.”
A later post on X said: “$BEN is not owned by @HitNetwork_ or @Bitboy_Crypto, it is managed by a separate entity entirely, controlled exclusively by Ben Armstrong and @DuchessOfDeFi.”
As of 29 August, BEN has crashed by 42% in the past 24 hours and 50% in the previous seven days.
Who is Ben ‘Bitboy’ Armstrong?
Armstrong founded the BitBoy Crypto YouTube channel in February 2018. It is a platform that provides viewers with crypto news, project reviews, and trading advice.
At the time of writing, the BitBoy Crypto YouTube channel has 1.45 million subscribers and another 1 million followers on its official X account.
Armstrong has used these platforms to insult influential figures. These include the US Securities and Exchange Commission Chair Gary Gensler and the European Central Bank President Christine Lagarde.
Last year, Armstrong filed a defamation lawsuit against the YouTuber Atozy, whose real name is Erling Mengshoel Jr. It came after Atzoy published a video titled “This YouTuber Scams His Fans…BitBoy Crypto”.
This case was eventually dropped following Mengshoel Jr. raising more than $200,000 for his defense.
Meanwhile, Armstrong’s loyal viewers have reacted with support for him after his removal from the brand and company. Concern was expressed over the future of the “BitBoy Crypto” brand without its founder and public face.
Many viewers on the YouTube livestream were unhappy with his removal and demanded Armstrong’s return.
However, the response on Reddit was different. Users tended to understand the decision made by BJ Investment Holdings.
Bitboy promoting coins
Armstrong’s controversies aren’t limited to his confrontations with fellow influencers.
The BitBoy Crypto founder has faced criticism after claims that he sold tokens after endorsing them on his channels. Armstrong was criticised for promoting potentially risky investments via affiliate connections.
ZachXBT, a crypto scam investigator, took to X to ask questions about a potential connection between Armstrong’s removal from the company and his engagement with meme coins.
The X account said: “Is it bc of your recent involvement with all of these sketchy meme coins or something else?”
Armstrong is also embroiled in a class-action lawsuit where investors accused him and other influencers of promoting the FTX exchange without disclosing the compensation they received.
Court documents from the lawsuit revealed that Armstrong allegedly threatened lawyers representing the plaintiffs. He also reportedly defied a federal judge’s orders by failing to appear in court. The lawsuit was stayed on 16 June 2023.
It is not clear whether these actions have led to his removal from BitBoy Crypto.
Crypto influencers are facing increasing scrutiny worldwide, especially after the FTX collapse, with many authorities cracking down on influencers for their alleged roles in promoting dubious projects.