{"id":88593,"date":"2024-08-03T10:56:22","date_gmt":"2024-08-03T14:56:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88593"},"modified":"2024-08-03T10:58:16","modified_gmt":"2024-08-03T14:58:16","slug":"cftc-probes-ben-armstrong-for-meme-c","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cftc-probes-ben-armstrong-for-meme-c\/","title":{"rendered":"CFTC Investigates Ben Armstrong for Meme Crypto Fraud"},"content":{"rendered":"\n

The CFTC recently issued a subpoena to Hit Network, a crypto media company that initially had Ben Armstrong<\/a> as its public face, for fraudulent activity with meme tokens.<\/p>\n\n\n\n

\"CFTC<\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

Recent reports from the crypto horizon indicate that the regulatory body has issued a subpoena to Hit Network\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a crypto media company that previously employed Armstrong as its public face.<\/p>\n\n\n\n

The subpoena includes 15 coins, including the meme coin BEN, a crypto related to BitBoy.<\/p>\n\n\n\n

CFTC Issues Subpoena In Meme Crypto Fraud<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

It is worth noting that Ben Armstrong has previously showcased all of these tokens in his YouTube videos.<\/p>\n\n\n\n

In his videos, the crypto influencer even asserted that some coins could experience a 100x increase.<\/p>\n\n\n\n

The market and investors, however, responded to the majority of these tokens in a contrary manner.<\/p>\n\n\n\n

Notably, the subpoena only mentioned Hit Network and not BitBoy.<\/p>\n\n\n\n

Concerning this, the YouTuber recently stated, \u201ccould not be more happy,\u201d pointing toward the CFTC\u2019s decision.<\/p>\n\n\n\n

BitBoy was previously associated with the Hit Network; however, the partnership was shortly disrupted.<\/p>\n\n\n\n

Also, the videos that showcase these tokens were produced before March 2021 under the BitBoy Crypto brand, except the BEN coin.<\/p>\n\n\n\n

Hit Network initially garnered popularity as a media company, with Armstrong hosting its flagship show.<\/p>\n\n\n\n

BitBoy\u2019s Fall: What\u2019s The Scoop?<\/h2>\n\n\n\n

However, Ben Armstrong was associated with the crypto media corporation until August 2023.<\/p>\n\n\n\n

T.J. Shedd, the current CEO, dismissed BitBoy amid allegations of substance abuse.<\/p>\n\n\n\n

However, the cryptocurrency influencer has denied this, admitting only to using diet pills and steroids.<\/p>\n\n\n\n

Meanwhile, Ben was arrested<\/a> for squabbles with a former business partner over a disputed Lamborghini.<\/p>\n\n\n\n

The YouTuber is currently suing Hit Network over his parting and the vehicle.<\/p>\n\n\n\n

Further, speaking with \u2018The Block,\u2019 the crypto influencer stated, \u201cAll I have asked for over a year, is for people to listen to me,\u201d drawing attention to CFTC\u2019s subpoena.<\/p>\n\n\n\n

The YouTuber has consented to doing\u00a0paid promotion of crypto scams despite claiming that BEN was an accident.<\/p>\n\n\n\n

One of the tokens on the subpoena, BEN, is of particular interest in the subpoena.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The YouTube team withdrew from the project, but they returned and assumed the role of CEO, which sparked discussions among the broader market.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":56,"featured_media":88595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21063,1972,2052,469],"class_list":["post-88593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ben-armstrong","tag-cftc","tag-crypto-fraud","tag-meme-coins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/CFTC-Investigates-Ben-Armstrong-for-Meme-Crypto-Fraud.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88593"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/88595"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}