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Ben Armstrong, commonly referred to as “BitBoy Crypto,” along with several associates, is currently facing a class-action lawsuit from American holders of the $BEN coin, who are alleging fraudulent conduct.
A collective of investors has initiated the lawsuit, identifying Armstrong, Ashley (Cassie), and others as co-conspirators.
Crypto YouTuber BitBoy Under Legal Scrutiny for $BEN Coin Promotions – Did He Deceive Investors?
The plaintiffs assert that Armstrong and his team promoted the token with assurances of considerable returns, only for many investors to experience substantial losses.
A class action lawsuit has been initiated by a group of American $BEN coin holders who claim to have been defrauded.
Ben Armstrong (Bitboy), Ashley (Cassie), and all his co-conspirators are named in the suit.
I’m not involved in the lawsuit but am assisting the parties to ensure Justice is served. All evidence has…— Nick Dimondi Egg Nog Maximalist (@NickDimondi) November 15, 2024
The allegations also involve his former associates, including individuals linked to BenCoin ATMs and influencers such as Ajwritescrypto and JChainsX.
The lawsuit is supported by the claimants’ assertion that they have retained evidence to back their claims.
This legal action comes in the wake of the Commodity Futures Trading Commission (CFTC) ongoing investigation into fraudulent activities concerning 15 cryptocurrencies, including $BEN.
On August 3, the CFTC issued a subpoena to Hit Network, a media entity previously connected to Armstrong, to investigate trading activities and wallet associations related to these tokens.
The inquiry has highlighted Armstrong’s involvement in promoting $BEN and other tokens while at Hit Network.
Armstrong has acknowledged receiving payments for token promotions, some of which he admits were scams. However, he maintains that these endorsements were not intentional.
The $BEN token, introduced on May 5, 2023, by an influencer known as ben.eth, gained popularity following Armstrong’s public endorsement.
He subsequently assumed the role of CEO before departing from the project on June 5. Armstrong’s association with $BEN reportedly caused tensions within Hit Network, leading to his removal as host in August 2023.
Armstrong’s exit from Hit Network occurred amid allegations of substance abuse, which he has partially acknowledged, admitting to using steroids and diet pills while denying the use of harder substances.
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His departure also involved a legal conflict over a Lamborghini with a former business partner, which resulted in his arrest.
Armstrong remains entangled in various legal disputes, including conflicts with Hit Network regarding his dismissal.
His promotion of $BEN and other tokens, along with the CFTC investigation, has intensified scrutiny of his activities in the crypto space.
Armstrong Issues Apology for Legal Controversy with Atozy – Is His Reputation at Risk?
Ben Armstrong recently filed and subsequently withdrew a defamation lawsuit against fellow influencer Erling ‘Atozy’ Mengshoel.
During a livestream, Armstrong expressed regret, stating that he would “100%” drop the case and lamented the public attention it had attracted.
He clarified that he had intended to settle the issue privately, referencing a prior confidential lawsuit that was resolved to his satisfaction.
The defamation lawsuit, filed on August 12, originated from a November 2021 video in which Atozy criticized Armstrong.
In the video, he labels him “a shady dirtbag” and accuses him of misleading his audience with inadequate financial advice.
Atozy also condemned Armstrong for endorsing the failing Pamp token. Armstrong claimed to have incurred losses exceeding $75,000 and sought damages for defamation.
Despite the significant public attention the case garnered, Armstrong acknowledged that his rising profile had complicated efforts to keep legal matters private.
He recognized Atozy as the “winner” in this situation.
This incident marks not the first time Armstrong has pursued legal action. He also considered a class-action lawsuit against Celsius following its bankruptcy but abandoned it upon realizing his involvement in promoting the platform.
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