As a seasoned analyst with years of experience navigating the volatile world of cryptocurrencies and regulatory bodies, I can’t help but feel a sense of deja vu when it comes to the latest developments involving BitBoy and Hit Network. It seems that every time we think we’ve seen it all in this space, a new twist emerges to keep us on our toes.
In a recent development, the Commodity Futures Trading Commission (CFTC) has launched an investigation into allegations of fraud involving the popular cryptocurrency YouTuber Ben Armstrong (also known as BitBoy), concerning a meme crypto scheme. According to emerging reports within the cryptocurrency sphere, the regulatory body has served a subpoena on Hit Network, a media company previously associated with Armstrong. The subpoena demands information about 15 cryptocurrencies they manage, including BEN – a digital currency linked to BitBoy.
CFTC Issues Subpoena In Meme Crypto Fraud
On July 16, Hit Network received a subpoena from the regulatory agency, as they were trying to combat fraudulent behavior related to 15 different cryptocurrencies, such as the BEN meme coin. It’s worth mentioning that Ben Armstrong, a popular crypto influencer, had showcased all these tokens in his YouTube videos before, and he once asserted that some coins could potentially increase by up to 100 times. However, most of these digital currencies experienced significant drops instead, leaving the market and investors disheartened.
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.
In addition, the videos showcasing these digital assets were produced prior to March 2021, except for the BEN coin, under the BitBoy Crypto label. The Hit Network first garnered attention as a broadcasting company, with Armstrong serving as the host of its primary program.
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Ben Armstrong was connected with a crypto media company until August 2023. Now, the CEO, T.J. Shedd, has let him go due to accusations of substance abuse. However, Armstrong himself refutes these claims, stating that he only uses diet pills and steroids.
At the same time, Ben found himself in handcuffs due to disagreements with an ex-business companion regarding ownership of a contested Lamborghini. Currently, the YouTube personality is embroiled in a legal battle with Hit Network concerning his departure and the car.
Additionally, in conversation with ‘The Block,’ the cryptocurrency influencer emphasized, “For more than a year now, I’ve been asking for people to heed my words,” referencing the CFTC subpoena. It has been reported that this YouTuber consented to promoting crypto frauds, though he maintains that his involvement with BEN was unintentional.
In the subpoena, a specific token named BEN is drawing attention. Originally launched by an anonymous influencer called ben.eth on May 5, 2023, this token’s core team eventually included Armstrong. Later, he left the project but returned and resumed his role as CEO, leading to debates within the wider market.
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2024-08-03 11:21