The Commodity Futures Trading Commission (CFTC) is probing Hit Network, a former employer of popular crypto influencer Ben Armstrong, or ‘BitBoy’, for potential fraudulent activity involving multiple digital tokens, including the so-called ‘BEN’ memecoin.
The CFTC’s subpoena has sought information about transactions and digital wallet activities associated with 15 different digital tokens, including the BEN coin, which Armstrong has been linked to. Armstrong had previously circulated YouTube videos about these tokens and suggested them as promising investment opportunities.
Further intrigue surrounds Armstrong’s past promotion of these tokens, as most of this activity occurred before the creation of Hit Network in March 2021. Armstrong was an integral part of the company as the host of its flagship show prior to his ouster.
The circumstances around Armstrong’s exit from Hit Network included allegations of substance abuse and a contentious incident over a disputed Lamborghini. His departure turned litigious with ongoing legal action against Hit Network revolving around his expulsion and the contentious vehicle.
Armstrong once confessed to paid promotions of crypto scams, however, he insists these were unintentional. He continued to feature in YouTube videos, making recommendations about digital tokens he claimed would yield considerable profits for his viewers. An influencer operating under the pseudonym ben.eth launched one of these tokens, the BEN memecoin, in early May 2023, with Armstrong taking over as CEO shortly after leaving Hit Network.