The CFTC subpoenaed Hit Network, targeting 15 cryptocurrencies, including meme coin BEN promoted by Armstrong, as part of a crackdown on fraudulent activities.
According to recent reports, the CFTC has issued a subpoena to Hit Network, a crypto media corporation that was previously affiliated with Armstrong. This subpoena pertains to 15 cryptocurrencies, including the meme coin BEN, which is associated with BitBoy.
In an effort to combat fraudulent activities associated with these 15 tokens, which include the BEN meme coin, the CFTC implemented measures against Hit Network on July 16.
Armstrong had advertised all of these tokens on his YouTube channel, asserting that some could generate returns of up to 100 times. Nevertheless, a significant number of these tokens underperformed in the market.
The subpoena specifically targets Hit Network, not BitBoy himself, which is a critical point to consider. Armstrong has expressed satisfaction with the CFTC’s approach, as the subpoena does not explicitly identify him. Despite his previous affiliation with Hit Network, their partnership was terminated due to controversies.
With the exception of BEN, the promotional videos for these tokens were produced prior to March 2021. Despite Armstrong’s initial popularity as the presenter of Hit Network, the network ultimately encountered obstacles.
Armstrong’s affiliation with Hit Network concluded in August 2023 as a result of allegations of substance misuse, which he refutes, asserting that he exclusively utilized steroids and diet pills.
In addition, he encountered legal complications, such as an arrest that was caused by disagreements regarding a Lamborghini with a former business partner. Armstrong is currently embroiled in legal proceedings with Hit Network regarding these matters.
Armstrong has addressed the situation, emphasizing the importance of considering his perspective, particularly in the context of the CFTC’s investigation. Armstrong maintains that his association with BEN was inadvertent, despite accusations that he has been involved in the promotion of crypto scams.
Armstrong briefly led the BEN token, which was initially created by an anonymous influencer named ben.eth in May 2023. He subsequently stepped down and returned as CEO. This involvement has elicited substantial discourse within the crypto community.
