Following his abrupt departure from the company, Armstrong gave a moving speech in which he reaffirmed his devotion to the cryptocurrency community despite significant personal and professional difficulties.
Rumors swirled in the crypto community as Armstrong departed BitBoy Crypto, a major player in cryptocurrencies. He recently confirmed his exit from both BitBoy Crypto and its parent company, Hit Network/BJ Investment Holdings, citing an internal “coup” as the catalyst.
However, in a video shared on the BitBoy Crypto YouTube channel, Armstrong conveyed his apologies for letting down his fans and opened up about his involvement in a romantic relationship and substance use.
He confessed that his behavior had hurt many around him and caused his dismissal. Armstrong reaffirmed his dedication to resolving these problems, showcasing his fortitude and tenacity in the face of difficulty.
He was fired on Tuesday, August 29, 2023, according to BitBoy Crypto official account, for “substance abuse” and “emotional, physical, and financial damage he has done to the employees of Hit network & the Bitboy Crypto community.”
Armstrong highlighted his dedication to changing the situation in the midst of the discoveries. He expressed his desire to engage with the Hit Network staff to maintain the BitBoy Crypto Channel even if he felt surprised by the argument over his substance abuse and infidelity.
Additionally, Armstrong stated his wish to maintain the numerous BitBoy Crypto businesses, such as Voomio, Bit Boy Academy, Crucial Crypto, and Hit Network. Despite the present slump in the NFT market, he emphasized his confidence in the potential of these companies, specifically Voomio’s ability to become a leading platform for non-fungible tokens (NFTs).
Armstrong’s candid admission and commitment to change signal the potential for resilience and growth, reminding us that the future can bring opportunities for recovery. He also acknowledged that this episode could significantly impact cryptocurrency awareness, whether positively or negatively.
After Armstrong’s abrupt departure, it became clear there were multiple facets to this story. Recent updates reveal Armstrong’s termination by BJ Investment Holdings, the parent company of Hit Network and BitBoy Crypto, due to alleged drug abuse and causing “emotional, physical, and financial harm.
However, in the latest series of events, Armstrong declared that the struggle was “far from over.”
He disputed claims of drug abuse that led to his termination from BJ Investment Holdings by disclosing the results of his drug tests and asserting a takeover attempt.
Armstrong retaliated against the accusations that caused BJ Investment Holdings, BitBoy’s parent business, to fire him. Initially, he was accused of drug abuse, which he calls “libelous” and “100% false.
Initially opting for silence, he later vehemently denied drug use and alleged that Justin Williams and TJ Shedd, Hit Network’s CEO, conspired to take control, citing this as the main reason for his termination.
According to Armstrong, he used diet medicines, notably phentermine, under medical supervision to maintain his weight.
He further asserted that removing his name from the Hit Network office is proof of a plot to have him out, calling the circumstance “diabolical.”
In a group voice call on Tuesday on the BenCoin Discord server , Armstrong also discussed the subject and vehemently refuted the accusations of substance misuse.
Armstrong denied relapsing and claimed that Justin Williams and TJ framed him due to his use of phentermine-based diet pills. “Anyone can research this. Everyone is aware, including my wife,” he continued by saying that he has a current prescription for the weight-loss medication.
Armstrong also denied allegations of cocaine use, calling them “factually incorrect.” He said no one at the company had ever asked him to take a drug test or discussed the matter with him before his firing.
In the voice chat, Armstrong went into more detail, confirming that he did use the anabolic drugs testosterone and Dianabol.
Armstrong stated that the reason his name was previously taken off the Hit Network office building was because he claimed to have a history of bad credit. “They’re using this to get me out of my own company,” Armstrong claimed.
All of the actions were described by Armstrong as “diabolical” and “insane.”
Armstrong admitted in a Discord conversation that he never physically attacked coworkers but that he had threatened Shedd.
“When I discovered TJ was attempting to take everything from me, I vowed to beat the snot out of him,” Armstrong recalled. “He is attempting to take all I own from me.”
The Hit Network employee acknowledged that Shedd had received threats, but he also stated that “many people” had received similar threats and claimed that physical altercations had occurred.
According to reports, there has been conflict within Hit Network for a long time. Armstrong claimed that firm personnel were telling him about additional steps being done to assure their support during the Tuesday conversation.
However, a Hit Network staffer, who was familiar with the situation, refuted those claims. Shedd opted not to respond.
Overall, Armstrong claimed that the business could not succeed without his return.
“Without me, the business will undoubtedly lose money,” stated Armstrong. “All of our significant sponsors have already withdrawn. In this case, they really don’t have a choice, he continued.
Armstrong said, “This is going to get really dirty before it gets better.”
Armstrong’s departure was effective immediately from “Hit Network/BJ Investment Holdings and all its subsidiaries, including BitBoy Crypto and Round The Blockchain.” It was initially reported by the US entrepreneur and investor Jason A. Williams on X (Twitter).
Armstrong’s colleague Wendy O, a well-known crypto influencer, confirmed the reports to her 194,000 viewers during a live stream.
“This is not FUD, this is actually real. I can confirm that this is real,” she said.
More information may come soon, Wendy O further clarified. “Morning of tomorrow, August 29, we’ll learn more. We basically have to wait for it to corroborate what happened because Hit Network is going to release an official statement,” she said.
On his personal Twitter account, joinBENCoin, Armstrong confirmed this unexpected development. He highlighted internal conflicts within his organization and expressed confidence in keeping control despite his departure.
Numerous theories circulated due to the lack of the precise causes of Armstrong’s abrupt departure.
ZachXBT, a cryptocurrency scam analyst, questioned whether Armstrong’s abrupt action was related to his recent involvement with a number of “sketchy” meme coins. A direct connection between the two incidents has not yet been confirmed.
Adam Cochran casually mentioned a rumor about an approaching probe that might have been the cause of Armstrong’s untimely departure.
Armstrong has been under fire for pushing risky investment trading to novice investors via affiliate links. He has also been accused of selling tokens after promoting them to his audience.
On June 5, Armstrong made the controversial meme coin inventor ben.eth aware that he was ending their collaboration . This followed their joint launch of the memecoin BEN amid claims of a rug pull.
Additionally, there have been inquiries regarding BEN, Armstrong’s virtual currency. While some predicted its demise, Armstrong promptly shot down such theories in response to a question. He indicated that despite leaving BitBoy Crypto, he was still actively involved in cryptocurrency projects.
He supposedly had an arrest warrant out for him not showing up in court not too long before this.
According to reports, Armstrong was scheduled to appear in court on April 20 to answer attorney Adam Moskowitz’s charges of harassment .
Armstrong and other famous people who supported the now-defunct cryptocurrency exchange FTX are the target of legal action brought by investors, according to Moskowitz, who represents the investors in the case. They allegedly pushed FTX without reporting payment, according to the lawsuit.
Following this, Armstrong harassed Moskowitz by making “endless phone calls, Tweets, and emails to him privately, and publicly posting insulting and threatening posts on Twitter, Youtube, and other social media.”