The mother or father of Hit Community, which controls the “BitBoy Crypto” model, has minimize ties with its public face, Ben Armstrong, citing points surrounding substance abuse and monetary harm to workers.
In an Aug. 28 announcement on YouTube and social media channels, a spokesperson said the corporate had reached its determination following efforts to help Armstrong “throughout his relapse into substance abuse,” expressing remorse for the top of the enterprise relationship. The agency claimed Armstrong had inflicted “emotional, bodily and monetary harm” on Hit workers and others within the area.
Yesterday, BJ Funding Holdings, the mother or father firm of Hit community, took decisive authorized motion in eradicating Ben Armstrong from the corporate, and particularly the Bitboy Crypto model. https://t.co/e0kYLKUZ4r
— Bitboy Crypto (@Bitboy_Crypto) August 28, 2023
The announcement didn’t elaborate on any incidents that will have led to the top of the enterprise relationship with Armstrong. The crypto YouTuber had been concerned in a class-action lawsuit during which traders claimed Armstrong and different influencers allegedly promoted FTX with out revealing compensation from the change.
Amid the lawsuit, courtroom filings prompt Armstrong issued threats in opposition to legal professionals representing the plaintiffs and overtly mocked a federal judge’s authority by not showing in courtroom as ordered. The case was stayed on June 16.
Utilizing his platform with greater than 1 million followers on X (previously Twitter) and YouTube subscribers, Armstrong insulted high-profile figures, together with European Central Financial institution President Christine Lagarde and United States Securities and Alternate Fee Chair Gary Gensler. In August 2022, he filed a defamation go well with in opposition to YouTuber Erling Mengshoel Jr., often known as “Atozy,” however dropped the case after Mengshoel Jr. raised greater than $200,000 for his protection.
Many X and YouTube customers reacted with assist for Armstrong following the Aug. 28 announcement, expressing concern with the way forward for the “BitBoy Crypto” model with out its most recognizable face. Armstrong launched his YouTube channel in February 2018, and as of August 2023, the BitBoy Crypto model had a complete social attain of greater than 3.3 million followers.
I bear in mind after I first obtained into crypto… I used to be nonetheless buying and selling on coinbase, I listened to bitboy inform me what cash to purchase, and my charts had been so stuffed with indicators I may hardly see the candlesticks.
It is loopy how briskly issues can change in three days.
— lastbloc (@lastbloc) August 28, 2023
It’s unclear if Armstrong’s earlier authorized entanglements might have contributed to the corporate slicing ties with him. Many authorities worldwide have been targeting crypto influencers for selling allegedly fraudulent initiatives following the collapse of FTX.