Ben Armstrong Dismissed from FTX Cryptocurrency Exchange Collapse Lawsuit
In a surprising turn of events, Ben Armstrong, the former face of BitBoy Crypto, has been voluntarily dismissed from the ongoing litigation surrounding the collapse of the FTX cryptocurrency exchange. This decision has left many in the crypto community wondering why the plaintiffs chose to drop the case and what it means for the overall lawsuit.
The Co-Lead Counsel involved in the FTX cryptocurrency exchange collapse litigation filed a “Notice of Voluntary Dismissal” on Friday, September 15. This effectively removes Ben Armstrong from the list of defendants, indicating that the plaintiffs have decided to no longer pursue legal action against him.
While the exact reason for the dismissal is not clear from the filing, it suggests that a settlement may have been reached. Regardless, this development means that Armstrong now has one less lawsuit to contend with.
The Allegations Against Ben Armstrong
A group of crypto investors initiated a class-action lawsuit on March 17, 2023, targeting nine prominent influencers, including Ben Armstrong. The lawsuit sought $1 billion in damages, alleging that these influencers endorsed the FTX token without disclosing their involvement in promoting the now-failed crypto exchange.
Despite Armstrong’s claims of having no connections to FTX, the lawsuit argues that he actively promoted FTX (FTT) several months prior to its collapse.
The Importance for Crypto Traders and Enthusiasts
For those involved in the crypto market, it is crucial to understand the legal challenges faced by influential figures like Ben Armstrong. The outcomes of such cases can significantly impact public perception, trust, and overall dynamics within the crypto industry.
Hot Take: The Implications of Ben Armstrong’s Dismissal
With Ben Armstrong being voluntarily dismissed from the FTX cryptocurrency exchange collapse lawsuit, it raises questions about the reasoning behind this decision and its potential implications. While the exact details remain unclear, it is possible that a settlement was reached between Armstrong and the plaintiffs.
This turn of events serves as a reminder of the legal risks associated with promoting cryptocurrencies and the importance of transparency in such endorsements. As the crypto market continues to evolve, legal battles involving prominent influencers like Armstrong highlight the need for accountability and responsible practices within the industry.
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