The US Commodity Futures Trading Commission (CFTC) has taken legal action against the altcoin associated with one of the most influential figures in the cryptocurrency market. The CFTC has issued a subpoena to Hit Network, a media company focused on cryptocurrencies, which was previously connected to Ben Armstrong, also known as “BitBoy”. This subpoena is part of a wider investigation into potential fraud involving 15 specific tokens, including memecoin BEN. The CFTC is specifically looking into trading activity and digital wallets associated with these tokens, suggesting that there may have been fraudulent behavior by unknown individuals. Although the subpoena does not directly mention Armstrong, it does draw attention to his role in promoting these tokens through videos. Armstrong, who was a prominent figure at Hit Network until he left in August 2023, featured all of these tokens in his videos. For example, one of his YouTube videos hinted at the possibility of a 100x increase in the price of a token. These videos were created under the BitBoy Crypto brand and most of them were made in or before March 2021, the same month the Hit Network was established. Armstrong responded to the subpoena by expressing his satisfaction and alleging that his former colleagues gained control of the BitBoy Crypto brand in 2020 and engaged in various irregularities. He stated that he had been seeking validation from the industry for over a year but was met with betrayal. Armstrong believes that many individuals in the industry will now face the consequences of their actions as they are interconnected. One token of particular interest in the investigation is BEN, a memecoin created in May 2023 by a fake influencer known as ben.eth. Armstrong joined the core team of the token shortly after its creation and became CEO earlier this year, although he left the project on June 5. It is important to note that this article does not provide investment advice. To trade over 300 cryptocurrencies, you can register on Binance exchange with a 20% commission discount through this link! Follow our Telegram and Twitter accounts for exclusive news, analytics, and on-chain data.
