The post CFTC Probes Ben Armstrong For Meme Crypto Fraud, What’s Happening? appeared on BitcoinEthereumNews.com.

The CFTC (Commodity Futures Trading Commission) has recently probed into a meme crypto fraud involving the renowned crypto YouTuber Ben Armstrong, also known as BitBoy. According to recent reports surfacing across the crypto horizon, the regulatory body issued a subpoena to Hit Network, a crypto media company that once had Armstrong as its public face. The subpoena encompasses 15 coins under its umbrella, including the meme coin BEN, a crypto related to BitBoy. CFTC Issues Subpoena In Meme Crypto Fraud The regulatory agency issued a subpoena to Hit Network on July 16 as a part of its effort to crack down on fraudulent activity surrounding 15 tokens, including BEN meme coin. Notably, Ben Armstrong has previously featured all these tokens in his YouTube videos. The crypto influencer, in his videos, even claimed that some coins could gain as much as 100x. However, a majority of these tokens saw converse reactions from the market and investors. Nonetheless, it’s worth noting that the subpoena only mentioned Hit Network, not BitBoy. Concerning this, the YouTuber recently stated, “could not be more happy,” pointing toward the CFTC’s decision. BitBoy was earlier known to be in partnership with the Hit Network, although the collaboration soon saw turmoil. Also, the videos featuring these tokens were made before March 2021 under the BitBoy Crypto brand, excluding the BEN coin. Hit Network initially gained traction as a media company with Armstrong as the host of the flagship show. Also Read: Bitcoin & Crypto Cheques To Clear $35T US Debt, Donald Trump Says BitBoy’s Fall: What’s The Scoop? However, Ben Armstrong was affiliated with the crypto media company only till August 2023. The current CEO, T.J. Shedd, laid BitBoy off over substance abuse allegations. However, the cryptocurrency influencer has denied so, admitting to taking only diet pills and steroids.…

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Filed under: News - @ August 3, 2024 8:02 pm