The parent company of Hit Network, which controls the BitBoy Crypto brand, has cut ties with its public figure Ben Armstrong, citing problems related to drug addiction and employee losses.
In a statement on YouTube and social media on August 28, a spokesperson said the company made the decision following efforts to help Armstrong "as he relapsed into drug addiction" and expressed regret at the end of his life because of the business relationship. Armstrong caused "emotional, physical and financial harm" to Heath employees and others in space, the company said.
The statement did not explain the incident that led to the severance of business relations with Armstrong. Crypto-YouTube is embroiled in a class action lawsuit that claims Armstrong and others are promoting FTX without compensation.
At the heart of the case, court documents suggested Armstrong threatened attorneys representing the plaintiffs and ignored a federal judge's order to appear in court as ordered. The work was suspended on June 16.
Using X (formerly Twitter) and its platform, which has more than a million YouTube subscribers, Armstrong has insulted high-profile figures including Christine Lagarde, president of the European Central Bank, and the chairman of the Securities and Exchange Commission. United States, Gary Gensler. . In August 2022, Erling Mengshoel Jr. He filed a defamation complaint against the YouTuber known as "Atozy," but dropped the case after Mengshoel Jr. raised more than $200,000 for his defense.
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Many X and YouTube users responded in support of Armstrong after the August 28 announcement and expressed concern about the future of the "BitBoy Crypto" brand, which is without its most recognizable face. Armstrong launched his YouTube channel in February 2018, and by August 2023, the BitBoy Crypto brand had over 3.3 million subscribers.
It's unclear whether Armstrong's past legal troubles helped the company cut ties with him. Many authorities around the world have targeted crypto players for promoting fake projects after the collapse of FTX.
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