The CFTC (Commodity Futures Trading Commission) has just lately probed right into a meme crypto fraud involving the famend crypto YouTuber Ben Armstrong, also referred to as BitBoy. According to current reviews surfacing throughout the crypto horizon, the regulatory physique issued a subpoena to Hit Network, a crypto media firm that after had Armstrong as its public face. The subpoena encompasses 15 cash underneath its umbrella, together with the meme coin BEN, a crypto associated to BitBoy.
CFTC Issues Subpoena In Meme Crypto Fraud
The regulatory company issued a subpoena to Hit Network on July 16 as part of its effort to crack down on fraudulent exercise surrounding 15 tokens, together with BEN meme coin. Notably, Ben Armstrong has beforehand featured all these tokens in his YouTube movies. The crypto influencer, in his movies, even claimed that some cash might acquire as a lot as 100x. However, a majority of those tokens noticed converse reactions from the market and buyers.
Nonetheless, it’s price noting that the subpoena solely talked about Hit Network, not BitBoy. Concerning this, the YouTuber just lately acknowledged, “could not be more happy,” pointing towards the CFTC’s determination. BitBoy was earlier recognized to be in partnership with the Hit Network, though the collaboration quickly noticed turmoil.
Also, the movies that includes these tokens have been made earlier than March 2021 underneath the BitBoy Crypto model, excluding the BEN coin. Hit Network initially gained traction as a media firm with Armstrong because the host of the flagship present.
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BitBoy’s Fall: What’s The Scoop?
However, Ben Armstrong was affiliated with the crypto media firm solely until August 2023. The present CEO, T.J. Shedd, laid BitBoy off over substance abuse allegations. However, the cryptocurrency influencer has denied so, admitting to taking solely fat burners and steroids.
Meanwhile, Ben was additionally arrested over squabbles with a former enterprise accomplice over a disputed Lamborghini. The YouTuber is presently in litigation in opposition to Hit Network over his parting and the automobile.
Further, talking with ‘The Block,’ the crypto influencer acknowledged, “All I have asked for over a year, is for people to listen to me,” drawing consideration to CFTC’s subpoena. The YouTuber has agreed to doing paid promotions of crypto scams, though he claims BEN was unintended.
One of the tokens on the subpoena, BEN, is of specific curiosity within the subpoena. Although initially created by a pseudonymous influencer referred to as ben.eth on May 5, 2023, the token’s core crew was later joined by Armstrong. The YouTube thereafter left the undertaking however once more got here again and took over because the CEO, sparking discussions throughout the broader market.
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