Ben Armstrong’s Shocking Revelation: Emotional Video Chronicles His Exit From BitBoy Crypto

Ben Armstrong, the prominent face behind BitBoy Crypto, has delivered a heartfelt and emotional address following his sudden departure from the company. This announcement came amidst speculation within the crypto community about the reasons behind his exit from BitBoy and its parent organisation, Hit Network/BJ Investment Holdings.

What Is BitBoy Crypto?

BitBoy Crypto is a reputed online crypto platform that provides an assortment of crypto-related content, such as news, educational resources, trading advice, and reviews. BitBoy Crypto also refers to the founder and main host of the platform, Ben Armstrong, who is a popular crypto enthusiast and influencer. 

BitBoy has an official website, a podcast, a YouTube channel, and other social media accounts. BitBoy Crypto covers various topics and projects meant to educate and assist crypto users and enthusiasts. BitBoy Crypto also offers staking services for Cardano holders and access to trading tools and indicators. 

Also Read: Cracking the Fortune Code: The Enigmatic Life of FTX Founder Bankman-Fried, Embracing Bread and Water

Ben Armstrong and His Struggles

The man behind BitBoy, Ben Armstrong, has been struggling with a variety of issues for quite some time now. In a candid video shared on the BitBoy YouTube channel, Armstrong expressed regret and revealed personal struggles, promising to overcome adversity while reaffirming his commitment to the crypto community. 

This is not the first time Ben Armstrong has been embroiled in controversy. A little while back, he made headlines by selling all his BEN tokens just a week after pledging not to do so for six months. This unexpected move was first exposed by on-chain investigator Amir Ormu, who revealed a previously doxxed address associated with BitBoy’s token holdings. The sale reportedly yielded 44.7 ETH, equivalent to $80,000 in profits. 

BEN tokens, initially created as a Meme coin to capitalise on the popularity of meme assets like PEPE, quickly garnered attention due to BitBoy’s influence. Eth_ben had sent a significant number of coins to BitBoy for free, sparking concerns that he might immediately sell them. While BitBoy committed to not selling for six months, Armstrong did not lock up the coins, explaining that he aimed to challenge his critics. 

Also Read: Ethereum Co-Founder Vitalik Buterin Sends $1M ETH to Coinbase

BitBoy’s Initial Explanations About Armstrong’s Actions

In response to the token sale, BitBoy originally defended his actions by stating that he had a deal with eth_ben to sell his initial token allocation in exchange for 1000 ETH and $250,000 in stablecoins over 6 months. He also claimed that another backer was facing difficulties moving funds from traditional accounts, which contributed to the delay in finalising the deal. 

BitBoy asserted that the Ben Coin Foundation would hold 106 trillion tokens, only to be sold once the token reached a market cap of $500 million. However, scepticism persists within the crypto community regarding Bitboy’s explanation. Some speculate that eth_ben dumped the token on BitBoy, while others believe BitBoy was paid to promote the token. 

BitBoy’s Official Response and Armstrong’s Future Plans

On August 29, 2023, the official BitBoy Crypto account confirmed Armstrong’s removal, citing reasons such as “Substance Abuse” and the emotional, physical, and financial damage inflicted on Hit Network employees and the BitBot Crypto community. In the face of these revelations, Ben Armstrong expressed his unwavering commitment to address the situation. 

Armstrong has pledged to cooperate with the Hit Network team to ensure the continued operation of the BitBoy Crypto channel, despite feeling blindsided by the confrontation regarding his substance use and infidelity. He has conveyed his desire to preserve the various brands under BitBoy Crypto, including Hit Network, Crucial Crypto, BitBoy Academy, and Voomio. He has highlighted his belief in the potential of the brands, especially Voomio and its potential to become a leading platform for NFTs.

Possible Reasons Behind BitBoy Crypto’s Split From Armstrong

BitBoy Crypto’s recent announcement regarding its separation from Ben Armstrong did not provide any specific details about the reasons behind this decision. However, several factors and incidents may have contributed to the end of their business relationship. 

One notable issue was Armstrong’s involvement in a class-action lawsuit. Investors alleged that he, along with other influencers, had promoted the now-bankrupt FTX exchange without disclosing compensation received from the exchange. Court documents also indicated that Armstrong had made several threats against lawyers representing the plaintiffs. 

Furthermore, he openly defied a federal judge’s authority by failing to appear in court as ordered. The case was put on hold on June 16th. Armstrong has also used his substantial online platforms, with over 1 million subscribers on various social media channels, to insult several prominent individuals. This included Christine Lagarde, the president of the European Central Bank, and Gary Gensler, the chairman of the United States Securities and Exchange Commission. 

Conclusion

Armstrong’s candid acknowledgement of his issues and commitment to resolving them underscores the potential for resilience and transformation. This incident serves as a reminder that, despite challenges, there are opportunities for restoration and growth within the crypto community. Armstrong himself acknowledged that this episode would bring greater awareness to crypto, for better or worse. This demonstrates the resilience of the industry and its participants in the face of adversity. Furthermore, there will be another crypto topic here.

Frequently Asked Questions

What Are Hit Network and Voomio?

Hit Network and Voomio are two related brands under the umbrella of BJ Investment Holdings. Hit Network is a conglomerate of creators that drives client vision through mediums like audio, social media, and photography. Voomio is a platform for creating, buying, and selling unique NFTs. 

What Services Does BitBoy Crypto Provide?

BitBoy Crypto provides various services such as crypto-related news, education, trading advice, project reviews, and merchandise. It also provides staking services for Cardano holders, allowing users to stake their ADA tokens on-chain with the BitPool, a stake pool created by BitBoy Crypto. 

Why did BitBoy Crypto Remove Ben Armstrong?

Some of the reasons cited by BitBoy to remove Armstrong include substance abuse, and the emotional, physical, and financial damage inflicted on employees of the Hit Network and the wider crypto community.