The CFTC recently issued a subpoena to Hit Network, a crypto media company that initially had Ben Armstrong as its public face, for fraudulent activity with meme tokens.
The CFTC (Commodity Futures Trading Commission) has recently conducted an investigation into a meme crypto fraud that involved the renowned crypto YouTuber Ben Armstrong, also known as BitBoy.
Recent reports from the crypto horizon indicate that the regulatory body has issued a subpoena to Hit Network, a crypto media company that previously employed Armstrong as its public face.
The subpoena includes 15 coins, including the meme coin BEN, a crypto related to BitBoy.
CFTC Issues Subpoena In Meme Crypto Fraud
On July 16, the regulatory agency served a subpoena on Hit Network as part of its investigation into fraudulent activities related to 15 tokens, including the BEN meme coin.
It is worth noting that Ben Armstrong has previously showcased all of these tokens in his YouTube videos.
In his videos, the crypto influencer even asserted that some coins could experience a 100x increase.
The market and investors, however, responded to the majority of these tokens in a contrary manner.
Notably, the subpoena only mentioned Hit Network and not BitBoy.
Concerning this, the YouTuber recently stated, “could not be more happy,” pointing toward the CFTC’s decision.
BitBoy was previously associated with the Hit Network; however, the partnership was shortly disrupted.
Also, the videos that showcase these tokens were produced before March 2021 under the BitBoy Crypto brand, except the BEN coin.
Hit Network initially garnered popularity as a media company, with Armstrong hosting its flagship show.
BitBoy’s Fall: What’s The Scoop?
However, Ben Armstrong was associated with the crypto media corporation until August 2023.
T.J. Shedd, the current CEO, dismissed BitBoy amid allegations of substance abuse.
However, the cryptocurrency influencer has denied this, admitting only to using diet pills and steroids.
Meanwhile, Ben was arrested for squabbles with a former business partner over a disputed Lamborghini.
The YouTuber is currently suing Hit Network over his parting and the vehicle.
Further, speaking with ‘The Block,’ the crypto influencer stated, “All I have asked for over a year, is for people to listen to me,” drawing attention to CFTC’s subpoena.
The YouTuber has consented to doing paid promotion of crypto scams despite claiming that BEN was an accident.
One of the tokens on the subpoena, BEN, is of particular interest in the subpoena.
Although the token was initially developed by a pseudonymous influencer named ben.eth on May 5, 2023, Armstrong later joined the token’s core team.
The YouTube team withdrew from the project, but they returned and assumed the role of CEO, which sparked discussions among the broader market.
