Compass Investments

– The Commodity Futures Trading Commission (CFTC) recently investigated a meme fraud case involving prominent cryptocurrency YouTuber Ben Armstrong, also known as BitBoy.

According to recent reports, the CFTC has issued a subpoena to Hit Network, a company previously associated with Armstrong. The subpoena covers 15 cryptocurrencies, including the BEN meme coin associated with BitBoy.

July 16, the CFTC took action against Hit Network as part of its crackdown on fraudulent activity related to those 15 tokens, including the BEN meme coin. Armstrong advertised all of these tokens on his YouTube channel, claiming that the returns on some of them could be as high as 100 times. However, many of these tokens have underperformed in the marketplace.

It is important to note that the subpoena was sent to Hit Network, not Bitboy itself. Mr. Armstrong expressed satisfaction with the CFTC’s approach, as he was not directly named in the subpoena. Mr. Armstrong had previously partnered with Hit Network, but later controversially terminated the partnership.

the ads for these tokens were created before March 2021, with the exception of BEN. Hit Network was initially popular thanks to Armstrong as a host, but he soon ran into problems.

Armstrong ended his association with Hit Network in August 2023 due to allegations of substance abuse, which he denied, saying he only used diet pills and steroids. He has also faced legal problems, including being arrested in connection with a dispute over a Lamborghini with a former business partner. Armstrong is currently in a legal battle with Hit Network over these issues.

n commenting on the situation, Armstrong urged people to pay attention to what he says, especially in light of the CFTC investigation. Although he is accused of facilitating cryptocurrency fraud, Armstrong insists that his involvement with BEN was unintentional.