CFTC Investigates Ben Armstrong Former Company Over Alleged Meme Coin Scam

Key Points:

• The CFTC is probing fraud involving 15 tokens, including BEN, and has subpoenaed Ben Armstrong former company.
• Although BitBoy Crypto himself had shilled these tokens, he is not directly named in the subpoena.

According to The Block, the U.S. Commodity Futures Trading Commission is currently investigating possible cryptocurrency fraud involving 15 tokens, one of which is the BEN meme coin.

Read more: Crypto Luminary Ben Armstrong Resigns Amid Related To Scam Memecoin

CFTC Investigates Cryptocurrency Fraud Involving BEN Token

The agency issued a subsidiary to Hit Network, a cryptocurrency media company that was in the past associated with Ben “BitBoy” Armstrong. The subpoena requires information about trading activity and digital wallets associated with these tokens.

Armstrong has hyped these tokens in a number of videos as part of his YouTube channel BitBoy Crypto. The investigation is looking into potential fraud and illicit activities related to digital currencies. Armstrong himself was not mentioned by name in the subpoena, although he hyped these tokens in content created before and after the formation of Hit Network.

Legal and Controversial Issues Surrounding Ben Armstrong Former Company

Armstrong stayed with Hit Network pretty extensively until August 2023, when he parted ways with the network president, T.J. Shedd, based on substance abuse allegations. Armstrong admitted to using diet pills and steroids but did not mention harder drugs. His exit was embroiled in a legal battle over a Lamborghini and an impending lawsuit against Ben Armstrong former company.

Armstrong, speaking recently, said he was more than open to the probe, as he had been personally seeking proof of his allegations of industry misconduct for some time. Armstrong has so far refused to back down from his calls, recently claiming to be satisfied with the progress despite disputes dogging him, including admissions to shilling crypto scams unknowingly.

It sparked a scandal around the BEN meme coin, some mysterious influencer ben.eth had just whipped up that had only been around as of May 2023. Armstrong had briefly been on the core team for the token and then left, only to report step back in as the CEO. Some reports suggest the fact that Ben Armstrong former company and he had to break up because of his scandal with BEN.