Crypto Influencer Ben Armstrong Fired from Bitboy Crypto Over Substance Abuse and Financial Concerns
In Brief
Ben Armstrong, aka ‘BitBoy Crypto’, faced dismissal from Bitboy Crypto.
The decision was made by BJ Investment Holdings and parent company Hit Network, stemming from concerns over financial harm and substance abuse, leading to what the company termed as a “decisive legal action.”
Renowned crypto YouTuber Ben Armstrong was recently fired from his role at Bitboy Crypto, a move announced by BJ Investment Holdings and its parent company, Hit Network.
The decision to sever ties with Armstrong, the prominent face of the crypto community Bitboy Crypto, came as a “decisive legal action” driven by financial harm and substance abuse concerns. The company revealed its attempts to help Armstrong during his difficulties.
BitBoy’s statement read:
“This difficult decision is a culmination of a prolonged effort to help Ben during his relapse into substance abuse, as well as reconcile the emotional, physical, and financial damage he has done to the employees of Hit Network and the Bitboy Crypto community.”
The unexpected news has surprised the crypto community, especially given Armstrong’s central role as the face of Bitboy Crypto, which boasts an impressive 1.45 million YouTube subscribers.
While speculation had been rife, the company has only cited substance abuse and financial harm as the causes for Armstrong’s abrupt departure, without detailing any specific incidents leading to this decision.
Furthermore, the decision might have stemmed from a class-action lawsuit involving Armstrong and other influencers from the past. Investors accused Armstrong of inadequately disclosing compensation while promoting FTX.
In response, Armstrong reportedly engaged in disruptive behavior, including threats against lawyers and online insults aimed at prominent figures.
In April, Armstrong defied a federal magistrate judge’s directive to appear in court regarding alleged harassment of counsel in a lawsuit involving crypto influencers.
Despite Judge Melissa Damian’s order for Armstrong and his legal representation to attend on April 20, he openly derided the mandate on social media by sharing beach photos from the Bahamas.
The crypto influencer’s online behavior also included hurling insults at prominent figures like European Central Bank President Christine Lagarde and SEC Chair Gary Gensler.
In August 2022, Armstrong initiated a defamation lawsuit against YouTuber Erling Mengshoel Jr., also known as “Atozy.” However, he withdrew the case when Mengshoel Jr. successfully raised significant funds for his legal defense.
Armstrong’s refusal to adhere to a court appearance order and subsequent derision on social media exposed a lack of professionalism and accountability, values that are inconsistent with the company’s principles.
This incident highlights the ethical obligations of cryptocurrency influencers and is likely a major factor contributing to his departure, prompting the crypto community to ponder the brand’s forthcoming direction.
Despite possessing a significant online following, his departure from BitBoy Crypto has spurred questions about the brand’s future. Hit Network’s decision emphasizes the importance of responsibility and ethical conduct within the realm of crypto influencers.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
