It is not strange to have popular crypto influencers who have gained a large number of followers by offering advice on cryptocurrency. One way or the other, they played a pivotal role in onboarding new users through different social media platforms.
However, some experts say that the profession reeks of ignorance and moral hazards.
Well, while we present the very recent case in this article, we will leave you to be the judge of this profession.
This article examines the story of a famous YouTube influencer, “Ben Armstrong.” In this article, you will learn who he is, his journey in the crypto space, and what led to his arrest during YouTube Live.
Let’s get started with this interesting reveal.
Who is Ben Armstrong?
Ben Armstrong better known as Bitboy, is a leading crypto influencer.
He is well-known for his contentious podcasts on his BitBoy Crypto YouTube channel and internet presence, where he also hosts podcasts and publishes blogs about cryptocurrency.
He is well-known in the field and has established himself as a key spokesperson for ignorant retail crypto investors.
He discusses topics like economic conditions, breaking news, statistical analysis, and business developments in the area of blockchain technology and cryptocurrencies on his well-known podcast, BitBoy Crypto News.
He is regarded as one of the top influencers and frequently publishes videos and blogs on a range of crypto-related issues. Ben has a huge social media following, with over 1.5 million subscribers to his channel and 1 million Twitter followers.
Journey From Being a YouTuber to Overnight Meme Coin Star
In the volatile world of cryptocurrency trading, only a few influencers have emerged. One of them is Ben Armstrong.
His rise to fame with the meme coin made him very popular and earned him a lot of followers on social media. How did he pull this off?
In 2017, Armstrong started a modest YouTube Channel with a focus on tech and gaming. But when crypto came onto the scene in 2020, he decided to explore this development and dedicated a YouTube channel called Bitboy Crypto.
For him, the timing was perfect because, at the time, coins such as Dogecoin, and Shiba Inu were just starting to be fueled by investors like Elon Musk.
Armstrong saw this opportunity and discussed the altcoins, examining price charts and the hype. With his bet paying off, Armstrong became an overnight meme coin star and attracted millions of views.
Armstrong produced new videos every day on subjects like NFTs, DeFi, metaverse tokens, and certainly, meme currencies.
He did this by adopting a confident character and having a sharp eye for popular storylines. He earned a reputation for making bold predictions, such as that Dogecoin would reach $1.
Ben Armstrong, also known as BitBoy, became a memecoin star through his involvement with a memecoin projects like BEN and PSYOP. He promoted the BEN memecoin and even purchased a significant amount of the new token.
Also, Armstrong began promoting the PSYOP memecoin, and his actions significantly increased its visibility. Many people believe that behind the drastic growth of BEN and PSYOP, he was the key person.
Crypto Projects Linked With Ben Armstrong
Ben Armstrong, also known as BitBoy, has been linked with several projects in the cryptocurrency space. Here are some of them:
- BEN Coin: Armstrong promoted the BEN Coin and even purchased a significant amount of the new token. This memecoin was listed on CoinMarketCap and gained attention. However, his involvement with memecoins has not been without controversy.
- PSYOP: Armstrong began promoting the PSYOP memecoin, and his actions significantly increased its visibility. However, his promotion strategies faced backlash.
- DistX: Armstrong announced his partnership with a cryptocurrency called DistX in the fall of 2020, calling it his most trusted coin. However, he later stated that the project itself ended up being a scam.
- Hit Network: Ben Armstrong, also known as BitBoy, was the founder of Hit Network. He created the media company in 2018. However, he was removed from the company by Hit Network CEO Timothy “TJ” Shedd Jr. and Timothy Shedd Sr., both employees of Hit Network. Armstrong filed a lawsuit against them for what he alleges was the unlawful removal from the media company.
Ben Armstrong Frequently Found Himself Embroiled In Controversies
There have been a lot of controversies around this famous influencer. Some of the controversies have affected Bitboy crypto deals and spoiled his reputation in the community.
For example, Hit Network cutting ties with Armstrong dealt a heavy blow to Armstrong by removing his contents from their site.
This disturbing event seems to have happened due to some allegations about the crypto influencer’s behaviour in recent months. Several sources disclosed Armstrong’s use of substance abuse.
Similarly, unsuitable use of corporate funds, particularly extravagant expenditure on personal lifestyles unrelated to brand development, has also been alleged, as have complaints of unacceptable sexual behaviour towards female employees and supporters.
Although Armstrong debunked the allegation and said some of these drugs are diet pills, he added that this hit network caved to allegations from haters to take him out of the equation.
Nonetheless, Armstrong’s reputation has been damaged by the recent controversy at a time when policymakers are paying closer attention to the activities of digital currency influencers.
Furthermore, his promotion strategies for PSYOP faced backlash. Michael Kanovitz, a lawyer, threatened to file a class-action lawsuit against him, alleging that Armstrong used a manipulative launch strategy in the PSYOP presale.
Kanovitz claimed that Armstrong promised several-fold returns on investment and spread misinformation potentially manipulating the token’s price. Despite the controversy, Armstrong’s involvement with PSYOP and other memecoins made him a notable figure in the memecoin space. However, it’s important to note that these activities also led to significant controversy and speculation.
Does Ben Armstrong Have a Beef With Huston Mafia?
Ben Armstrong was involved in a confrontation with his former business partner, Carlos Diaz. During a livestream, Armstrong allegedly stated that Diaz had connections with the Houston mafia, threatening his life. In the video, he could be heard shouting, “I’m not afraid of you Carlos.”
However, it’s important to clarify that Armstrong’s claim about Diaz’s alleged connections to the Houston mafia is just that – a claim. There is no concrete evidence to support this assertion.
Moment When He Was Arrested Live
Before Armstrong’s arrest, he had previously declared his intention to livestream on YouTube from an unusual place earlier that day.
Bitboy claimed Diaz had been harassing and manipulating him while simultaneously stealing his Lamborghini, and he attempted to confront Diaz live on YouTube.
Furthermore, some sources recorded that illegal drugs were found inside BitBoy’s car.
The ensuing claims that Hit Network executives threatened him, along with the discovery of drugs in his vehicle, have left many things unresolved and the community sharply divided.
The price of the $BEN coin has fallen by more than 20% since the arrest of Ben Armstrong, on September 25, 2023.
However, as per the latest update, Ben Armstrong has been released from jail and is active on Twitter.
While it’s unclear what Armstrong is accused of and what Ben Armstrong is accused of, a lot of queries were unaddressed throughout the webcast.
However, the arrest signals worsening problems for the once-notable BitBoy in the cryptosphere.
The downfall of Ben Armstrong nips the professionalism of the crypto influencer to the board.
This story is a cautionary tale of how fast one can fade when influencers fail to meet the standards expected from financial and regulatory firms.
This episode highlights the need for increased openness and moral behaviour in the Bitcoin sector.
Promoters and market players must act with integrity, abide by the law, and promote ethical behaviour as regulatory.