- The U.S. Commodity Futures Trading Commission (CFTC) has once again made headlines with its actions targeting the cryptocurrency sector.
- The CFTC recently issued a subpoena to Hit Network, a media company previously hosted by crypto influencer Ben Armstrong, known as “BitBoy.”
- This subpoena involves a comprehensive investigation into 15 tokens, including BEN memecoin, associated with Armstrong, aimed at uncovering potential fraudulent activities.
Discover the latest developments surrounding the CFTC’s ongoing investigation into the cryptocurrency market, highlighting the involvement of notable personalities and tokens.
CFTC Targets Hit Network with Subpoena
The CFTC has demanded information regarding the activities and transactions of 15 different tokens, many of which have been promoted by Ben Armstrong on various platforms. This step is part of a broader investigation into potential fraudulent schemes involving unidentified individuals.
Details of the Investigation
The subpoena specifically aims to gather crucial information about Hit Network’s trading activities and digital wallets connected to these tokens. Notably, these tokens were prominently featured in Armstrong’s YouTube videos, where he often suggested significant potential gains, though direct reference to Armstrong is absent from the subpoena.
Historical Context of the Subpoenaed Tokens
The tokens under scrutiny, including BEN memecoin, were promoted by Armstrong before March 2021. Hit Network, established in March 2021 with Armstrong as a host, became a significant player in the cryptocurrency media scene.
Troubled Times for Ben Armstrong
After his departure from Hit Network in August 2023 amid substance abuse allegations, Armstrong faced multiple personal and professional challenges. His termination came from current CEO T.J. Shedd, leading to further complications, including an arrest over a dispute involving a Lamborghini and ongoing legal battles against Hit Network.
Armstrong’s Response and Legal Actions
Armstrong has accused former business associates of seizing financial control of the BitBoy Crypto brand in 2020. Despite the controversy and challenges, he publicly expressed relief regarding the subpoena, indicating an unexpected stance amidst turbulent times.
Conclusion
This unfolding investigation by the CFTC underscores the increasing scrutiny on the cryptocurrency sector, emphasizing the need for regulatory oversight. It highlights the sector’s susceptibility to potential fraudulent activities and the consequential measures taken to protect investors and maintain market integrity.
