Crypto Influencer Ben Armstrong Cut Off by Hit Network Parent Company Amid Substance Abuse Concerns and Financial Damage
Summary:
Hit network's parent company, BJ Investment Holdings, has ended its association with crypto influencer Ben Armstrong due to concerns regarding substance abuse and financial harm caused to employees. Armstrong, known as 'BitBoy Crypto,' faced a class-action lawsuit for allegedly promoting FTX without disclosing compensation. He also attracted attention for his derogatory remarks towards public figures and legal entanglements. The decision to sever ties has sparked uncertainty about the future of the Bitboy Crypto brand.
Hit network, the parent company behind the 'BitBoy Crypto' brand, has severed ties with its public face, Ben Armstrong, due to concerns about substance abuse and the negative impact on employees' finances. In a recent announcement on YouTube and social media, a spokesperson expressed regret for ending their business relationship with Armstrong, noting the company's efforts to support him during his relapse. Hit network also claimed that Armstrong's actions had caused emotional, physical, and financial harm to employees and others in the cryptocurrency space. Yesterday, BJ Investment Holdings, the parent company of Hit network, took legal action to remove Armstrong from the company and the Bitboy Crypto brand. The announcement did not provide details about the specific incidents leading to this decision. Armstrong had previously been involved in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing compensation. During the legal proceedings, Armstrong allegedly made threats against lawyers representing the plaintiffs and disregarded court orders. While facing the lawsuit, Armstrong used his platform with over a million followers to insult prominent figures like Christine Lagarde and Gary Gensler. In 2022, he filed a defamation suit against a YouTuber but later dropped the case after the defendant raised funds for a legal defense. Armstrong's removal from the company has raised concerns among his supporters about the future of the Bitboy Crypto brand without its prominent figurehead. Armstrong launched his YouTube channel in 2018 and, as of August 2023, the BitBoy Crypto brand had a strong social media presence with over 3.3 million followers. It is unclear if Armstrong's past legal issues played a role in the company's decision to cut ties with him. Crypto influencers have increasingly faced scrutiny from authorities worldwide for their involvement in promoting potentially fraudulent projects following the collapse of FTX.
Published At
8/28/2023 9:34:02 PM
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