CFTC Subpoenas Hit Network in Probe of Crypto Fraud Tied to Influencer BitBoy: The Block
The Commodity Futures Trading Commission is investigating potential cryptocurrency fraud involving 15 tokens, including the memecoin BEN. The probe targets Hit Network, a crypto media company formerly led by controversial influencer Ben "BitBoy" Armstrong. Armstrong aggressively promoted many of the tokens, often making exaggerated claims about their potential returns. The investigation comes amid Armstrong's tumultuous departure from Hit Network and allegations of misconduct.
Because Bitcoin
August 3, 2024
According to a recent The Block report, the Commodity Futures Trading Commission (CFTC) is investigating potential crypto fraud involving 15 tokens, including the memecoin BEN. The agency has issued a subpoena to Hit Network, a crypto media company formerly led by controversial influencer Ben "BitBoy" Armstrong.
The subpoena seeks information on trading activity and digital wallets linked to the 15 tokens. Armstrong heavily promoted many of these tokens in his videos, often claiming they would generate massive returns. While the subpoena doesn't mention Armstrong directly, his involvement with the tokens and his subsequent departure from Hit Network amid allegations of misconduct have raised eyebrows.
Armstrong, who has a history of promoting fraudulent crypto schemes, claims to welcome the investigation and accuses former colleagues of wrongdoing. However, his own past actions, including paid promotions and exaggerated claims about token performance, have cast a shadow over his credibility. The BEN memecoin, in particular, has been linked to Armstrong's departure from Hit Network.
The CFTC's investigation is ongoing, and the full extent of the alleged fraud remains unclear.
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