BitBoy’s Former Company Hit Network Subpoenaed by CFTC

• Ben Armstrong is excited over a CFTC subpoena to Hit Network.
• Armstrong parted ways with Hit Network last year over a disagreement.
• The CFTC subpoena covers 15 tokens, including the BEN memecoin.

Crypto influencer Ben Armstrong, who also goes by “BitBoy,” expressed excitement over a CFTC subpoena issued to Hit Network, a company he was formerly affiliated with. According to reports, the CFTC subpoenaed Hit Network, requesting details over activities related to 15 tokens, one of which is the BEN memecoin, which is affiliated with Armstrong.

Responding to inquiries about the CFTC subpoena, Armstrong claimed he had been warning people about potential issues at Hit Network for over a year but was largely ignored by the crypto community. BitBoy’s comments link to disagreements with his former partners at Hit Network. Both parties severed business relationships over a year ago.

Hit Network’s current CEO, T.J. Shedd removed Armstrong from the company in August 2023 over allegations of substance abuse. The removal triggered a disagreement between both parties, leading to Armstrong’s arrest for turning up at Shedd’s residence to reclaim a disputed Lamborghini. Armstrong later admitted to taking diet pills and steroids but denied taking hard drugs. However, he is in litigation with Hit Network over his exit from the company and the vehicle’s ownership.

The CFTC’s investigation into Hit Network aims to uncover potential crypto fraud involving 15 tokens, including the BEN memecoin, which was created by a pseudonymous influencer known as ben.eth in May 2023. The subpoena, dated July 16, seeks information about trading activities and digital wallets connected to these tokens.

Armstrong was the face of Hit Network while at the company. He regularly hosted YouTube videos, recommending tokens he claimed would enrich his audience. A pseudonymous influencer known as ben.eth created BEN, one of the listed tokens in the subpoena, on May 5, 2023.