The prominent crypto influencer brand, boasting a substantial outreach of over 3.3 million followers, has made the decision to disassociate itself from its eponymous founder, marking a turning point for “BitBoy Crypto.”
The parent company of Hit Network, the overseeing entity of the “BitBoy Crypto” brand, has opted to sever its connections with the public face of the brand, Ben Armstrong. This decision was attributed to concerns regarding substance abuse issues and the financial repercussions endured by the workforce.
The latest update on this situation arrived via a tweet from the official BitBoy Crypto account, revealing, “Yesterday, BJ Investment Holdings, the parent company of Hit network, took decisive legal action in removing Ben Armstrong from the company.”
An official statement conveyed via YouTube and various social media channels on August 28th elucidated the company’s choice to disengage with Armstrong. The spokesperson expressed the company’s efforts to support Armstrong “during his relapse into substance abuse,” while lamenting the unfortunate termination of their business relationship. The company asserted that Armstrong’s actions had caused “emotional, physical and financial damage” to both employees at Hit Network and other individuals in the sphere.
Hit Network stands as a creator-centric media platform, collaborating with various brands to offer content centered around cryptocurrency, entrepreneurship, gaming, music, and sports.
Among the multitude of brands under Hit Network’s umbrella, “BitBoy Crypto” holds a preeminent position, reigning as the most prominent, according to their official website.
Details regarding the specific incidents that led to the dissolution of the business affiliation with Armstrong were not elaborated upon in the announcement. It’s notable that Armstrong was involved in a class-action lawsuit wherein allegations surfaced of undisclosed compensation from the FTX exchange, amid claims that he and other influencers promoted the platform.
TJ Shedd, the CEO of Hit Network, took to a YouTube livestream to address the situation, citing that the decision also aimed to “help reconcile the emotional, physical and financial damage [Armstrong] has done to the employees of Hit Network & the Bitboy Crypto community.”
Amidst the unfolding events, a tweet from the BEN coin X (fka Twitter) account, attributed to Armstrong, alleged a coup attempt at his company. The message indicated a tumultuous situation within “BitBoy Crypto” and Hit Network.
“This is Ben. TJ Shedd & Justin Williams have attempted a coup at my company,” the BenCoin account tweeted. “Just confirming what is going around. It’s true. There has been a mutiny at BitBoy Crypto & Hit Network. But it won’t work. They have no leverage. Until they can clone me, I have nothing to worry about.”
The account further clarified that the BEN coin is not owned by Hit Network nor by the BitBoy Crypto platform, as it is “managed by a separate entity entirely, controlled exclusively by Ben Armstrong and [COO Cassandra Wolfe].”
This news has stirred diverse reactions within the crypto community across various social media platforms.
On the aforementioned YouTube livestream, numerous participants voiced dissatisfaction with Armstrong’s removal, demanding his return.
Recent legal entanglements, including threats against lawyers and a defamation suit, have clouded Armstrong’s reputation. However, it’s uncertain if these factors directly contributed to the decision to sever ties with him.
In the wake of these developments, the future of the “BitBoy Crypto” brand, minus its iconic figurehead, remains uncertain. Armstrong established his YouTube channel in February 2018, and as of August 2023, the BitBoy Crypto brand boasts a substantial social media presence, surpassing 3.3 million followers.
Information for this briefing was found via Coin Telegraph, Decrypt, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
