Ben Armstrong, the face of BitBoy Crypto, reportedly left the company amid community debates about his conduct.
Crypto world was stunned to learn that Ben Armstrong has departed BitBoy Crypto on Monday, August 28, 2023.
A decision was made following Armstrong’s involvement in various controversies. Issues include the promotion of the contentious memecoin and probable legal issues.
On May 8, 2023, Ben Armstrong joined using the meme symbol BEN, triggering a significant token price surge. However, reports suggested divergent intentions for his involvement.
Armstrong apparently sold all of his BEN tokens a week after vowing to lock them up for six months. A Twitter user who released images of addresses connected to Armstrong made this move public.
Armstrong was included as a defendant in the $1 billion lawsuit filed in April against bloggers who promoted FTX. According to the lawsuit, Armstrong was one of the influencers who secretly promoted the defunct cryptocurrency exchange.
The mainstream media has also criticized Armstrong for purportedly delivering investment advice to his audience.
In June 2022, he was one of the prominent business figures leading the online campaign against the bankrupt cryptocurrency lender Celsius when it started to falter.
After Celsius Network frozen all deposits in June, Armstrong informed his roughly 900,000 followers, “You can’t possibly EVER support Celsius Network or [CEO Alex] Mashinsky in any way.”
There was only one issue: Armstrong was largely responsible for persuading them to make their initial financial investment with Celsius.
In January 2022, the evidence showed up, that BitBoy omitted to disclose the paid advertising content in his videos has led to claims that he has been defrauding or misleading his fans.
By feigning to have a project that he wanted to advertise on BitBoy’s channel, Bitcoin
detective ZachXBT was able to find out how much BitBoy Crypto charged for advertisements. Despite the fact that a BitBoy representative claimed that a team had verified all sponsors, the representative did little to no due diligence while interacting with ZachXBT, instead merely citing their prices and requesting money.
Often, a researcher captures screenshots as evidence of videos existing prior to BitBoy’s deletion of promotions for projects. These projects later turned out to be scams or saw a 99% price drop.
ZachXBT’s analysis reveals that several ICOs and NFTs endorsed by BitBoy had either no bids or bids as low as 1% of their initial value.
In a video posted in November 2021, Erling Mengshoel, Jr., as “Atozy,” a different YouTuber, also criticized BitBoy for endorsing frauds. In response, BitBoy filed a defamation lawsuit , saying that Atozy’s accusations caused him to lose $75,000 in business.
BitBoy appears to have decided to drop the case after Atozy asked the cryptocurrency community on Twitter to crowdfund his legal expenses and crypto trader Cobie donated $100,000 in USDC to the cause.
Armstrong gives a compelling backstory . He said that he had been dependent on meth for years when, in 2007, he stepped into traffic while high and got into a fight with the police.
After being admitted to the hospital, he spent ten months in a recovery program, where he eventually found sobriety, started a family, and got a job as an addiction counselor.
About a decade back, he made an almost accidental Bitcoin purchase. In 2013, he netted $1,700 from selling six Bitcoins at a local McDonald’s with WiFi. Those Bitcoins are now worth over $100,000.
His true interest in crypto sparked around 2017’s market high and led him to filmmaking in 2018.
During the 2018 “crypto winter,” he predicted asset value rises, which came true in 2020 and 2021 due to pandemic-related crypto surges. He acquired studio space near Atlanta as his business boomed.
Creating numerous news videos, he garnered a following called the “BitSquad.” He also had actors like “Deezy.eth” on board.
The impact of Armstrong’s exit remains uncertain. BitBoy Crypto’s formal stance is unknown, leaving their plans and coping with the creator’s departure unclear.
Beyond this, Armstrong’s departure highlights larger issues within the cryptosphere. It touches on influencer responsibility and the transience of the digital realm.
It might signal a needed step to regulate the “Wild West” of crypto-business, while opinions on Armstrong’s situation could vary, depicting him as either a corporate casualty or a necessary change.