CFTC Files Lawsuit Over Altcoin of One of Cryptocurrency’s Most Prominent Influencers

The US Commodity Futures Trading Commission (CFTC) has investigated the investigation into the alleged involvement of Ben Armstrong, formerly known as “BitBoy” crypto para issued a subpoena to Hit Network, a media company focused on

The subpoena is dated July 16 and addresses digital currencies, specifically memecoins. BEN It is part of a broader investigation into potential fraudulent activity related to 15 specific tokens, including:

The CFTC’s investigation focuses on trading activities and digital wallets related to these tokens, suggesting that unknown individuals may have engaged in fraudulent behavior. While the subpoena under review does not directly reference Armstrong, it does highlight his role in promoting these tokens through various videos.

Armstrong, who was a prominent figure at Hit Network until his departure in August 2023, featured all of the tokens mentioned in his videos. For example, one YouTube video title suggested that one token had the potential to increase in price by 100x. These videos were created under the BitBoy Crypto brand, and most were produced in or before March 2021, the month Hit Network was founded.

In response to the subpoena, Armstrong expressed satisfaction with his former colleagues, who he alleged took financial control of the BitBoy Crypto brand in 2020 and accused them of various irregularities. “For over a year, all I’ve ever wanted is for people to listen to me,” Armstrong said. “Everyone in this industry has pretty much turned their backs on me.

And now, many of these people will begin to feel the weight of their betrayal, because many of them will be connected to each other.”

One token of particular interest in the subpoena is BEN, a memecoin created by a fake influencer known as ben.eth on May 5, 2023. Armstrong joined the token’s core team shortly after its creation and took over as CEO earlier this year, though he parted ways with the project on June 5.

*This is not investment advice.