BitBoy Crypto Faces Class-Action Lawsuit From $BEN Token Investors

Ben Armstrong, known as BitBoy Crypto, is facing a class-action lawsuit from investors who bought the $BEN token, alleging his promotions misled them.

Ben Armstrong, better known as BitBoy Crypto, is facing a class-action lawsuit from investors who purchased the $BEN token, alleging that his promotions misled them. The lawsuit accuses Armstrong and his associates of promising substantial returns, while many investors ultimately incurred significant losses.

This legal action unfolds amidst an ongoing investigation by the Commodity Futures Trading Commission (CFTC) into potential fraud involving $BEN and 14 other cryptocurrencies.

On August 3, the CFTC subpoenaed Hit Network, a company previously linked to Armstrong, to examine trading activities and wallet connections pertaining to these tokens.

Armstrong promoted $BEN, which was launched in May 2023 by an influencer known as ben.eth. He later became the CEO of the project but stepped down in June 2023.

Armstrong has acknowledged accepting payments for token promotions, some of which he later realized were scams, although he maintains that these promotions were unintentional. His involvement with $BEN led to tensions at Hit Network, culminating in his removal as a host in August 2023.

Armstrong has also faced personal challenges, including allegations of substance abuse, which he partially admitted to, and legal disputes over a Lamborghini with a former business partner.

Furthermore, Armstrong is engaged in other legal battles, such as a defamation lawsuit he initially filed against fellow influencer Atozy, which was later dropped. As a result of these controversies, Armstrong's reputation and crypto-related activities are undergoing intense scrutiny.