BitBoy’s Former Firm Hit Community Subpoenaed by CFTC

• Ben Armstrong is happy over a CFTC subpoena to Hit Community.
• Armstrong parted methods with Hit Community final yr over a disagreement.
• The CFTC subpoena covers 15 tokens, together with the BEN memecoin.

Crypto influencer Ben Armstrong, who additionally goes by “BitBoy,” expressed pleasure over a CFTC subpoena issued to Hit Community, an organization he was previously affiliated with. In response to stories, the CFTC subpoenaed Hit Community, requesting particulars over actions associated to fifteen tokens, considered one of which is the BEN memecoin, which is affiliated with Armstrong.

Responding to inquiries in regards to the CFTC subpoena, Armstrong claimed he had been warning folks about potential points at Hit Community for over a yr however was largely ignored by the crypto group. BitBoy’s feedback hyperlink to disagreements together with his former companions at Hit Community. Each events severed enterprise relationships over a yr in the past.

Hit Community’s present CEO, T.J. Shedd eliminated Armstrong from the corporate in August 2023 over allegations of substance abuse. The elimination triggered a disagreement between each events, resulting in Armstrong’s arrest for turning up at Shedd’s residence to reclaim a disputed Lamborghini. Armstrong later admitted to taking slimming capsules and steroids however denied taking arduous medication. Nevertheless, he’s in litigation with Hit Community over his exit from the corporate and the car’s possession.

The CFTC’s investigation into Hit Community goals to uncover potential crypto fraud involving 15 tokens, together with the BEN memecoin, which was created by a pseudonymous influencer often known as ben.eth in Could 2023. The subpoena, dated July 16, seeks details about buying and selling actions and digital wallets linked to those tokens.

Armstrong was the face of Hit Community whereas on the firm. He repeatedly hosted YouTube movies, recommending tokens he claimed would enrich his viewers. A pseudonymous influencer often known as ben.eth created BEN, one of many listed tokens within the subpoena, on Could 5, 2023.