The Commodity Futures Trading Commission (CFTC) has issued a subpoena to Hit Network, the former company of prominent cryptocurrency influencer Ben “BitBoy” Armstrong, as part of an ongoing investigation into potential fraudulent activities involving 15 digital assets, including the BEN memecoin.
The subpoena, served on July 16, demands detailed information about trading activities and digital wallets associated with the 15 cryptocurrencies. The CFTC alleges that unidentified individuals engaged in fraudulent practices related to these digital assets.
Armstrong, a highly influential figure in the crypto space, promoted 14 of the 15 tokens in his YouTube videos prior to the establishment of Hit Network. His subsequent involvement with the BEN memecoin has also come under scrutiny.
The investigation casts a spotlight on the increasing regulatory scrutiny of the cryptocurrency industry. Armstrong’s tumultuous departure from Hit Network, marked by allegations of substance abuse and legal disputes, further complicates the matter.
Also Read: CFTC Secures $31M Settlement in Crypto and Forex Fraud Case
