Legal Troubles for Ben Armstrong Following $BEN Coin Allegations ⚖️
Ben Armstrong, who is well-known in the crypto space as “BitBoy Crypto,” is currently facing legal challenges stemming from a class-action lawsuit initiated by holders of the $BEN coin. The lawsuit accuses him and his associates of engaging in fraudulent activities related to the promotion of this cryptocurrency.
Investors Call for Justice: Allegations of Misleading Promotions 💼
A group of investors has lodged a lawsuit that identifies Armstrong, Ashley (also known as Cassie), and several others as co-defendants. The investors argue that Armstrong’s promotions of the $BEN token were accompanied by unrealistic promises of high returns, ultimately leading many to incur substantial financial losses.
The plaintiffs assert that evidence supporting their claims has been documented, enhancing the legitimacy of their accusations. This legal action emerges amidst a broader investigation by the Commodity Futures Trading Commission (CFTC), which is looking into allegations of fraudulent conduct involving multiple cryptocurrencies, including $BEN.
- The lawsuit has included former collaborators linked to BenCoin ATMs and other influencers, illustrating a wide-reaching network of alleged misrepresentation.
- The scrutiny of Armstrong’s activities has intensified particularly due to his admission of receiving payments for token endorsements, including some that may have been scams.
Background on $BEN Coin’s Journey 🚀
The $BEN token was introduced on May 5, 2023, by an influencer named ben.eth. It gained visibility after Armstrong publicly endorsed it and subsequently took on the role of CEO. However, he distanced himself from the project shortly afterward, resigning on June 5, 2023, which raised eyebrows within the crypto community.
Armstrong’s involvement with $BEN not only raised concerns among investors but also resulted in tensions at Hit Network, where he previously worked. His departure from the company occurred amid allegations of substance misuse, which he has partially acknowledged, citing the use of steroids and diet supplements while denying the use of harder drugs.
Ongoing Legal Battles and Reputation Concerns 📉
In addition to the class-action lawsuit related to $BEN, Armstrong is engrossed in multiple other legal conflicts, including a dispute concerning his ousting from Hit Network. His promotion of the $BEN token, along with other cryptocurrencies, has attracted heightened scrutiny and criticism.
Recently, Armstrong attempted to address another legal matter tied to fellow influencer Erling ‘Atozy’ Mengshoel. Initially, he filed a defamation lawsuit but later retracted it, expressing regret over the public attention it received. During a livestream, he stated his desire to settle matters privately, referencing prior resolutions he had achieved satisfactorily.
Criticism and Ongoing Challenges 💬
The defamation lawsuit stemmed from a controversial video released in November 2021, where Atozy criticized Armstrong, labeling him as “a shady dirtbag” and accused him of misleading his audience. In this case, Armstrong claimed to have suffered losses of over $75,000 due to the promotion of another failing cryptocurrency, Pamp.
Despite his efforts to pursue legal action, Armstrong’s growing prominence in the crypto industry has made it challenging for him to maintain privacy concerning these legal issues. He acknowledged Atozy’s position as the “winner” of their dispute, reflecting a shift in tone regarding the criticisms aimed at him.
- This is not Armstrong’s first encounter with legal difficulties; he had contemplated a class-action lawsuit against Celsius after its bankruptcy but withdrew upon recognizing his promotional role.
- His ongoing legal and reputational issues reflect a broader trend within the cryptocurrency community where influencers face increasing scrutiny over their promotions and the potential fallout from investor losses.
Hot Take: Navigating Challenges in the Crypto Landscape 🌐
The unfolding legal scenarios surrounding Ben Armstrong serve as a potent reminder of the volatile and often murky waters within the cryptocurrency sector. As the $BEN case develops, the implications for influencer accountability remain a focal point. In an industry where trust plays an essential role, the outcomes of these lawsuits could significantly shape public perception of cryptocurrency endorsements moving forward.
As the cryptocurrency space continues to evolve, the scrutiny of influencers and their promotional practices will likely intensify. This ongoing narrative underscores the importance of transparency, integrity, and responsible communication within the rapidly changing dynamics of crypto investing.
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