The CFTC has subpoenaed Hit Network, Ben ‘BitBoy’ Armstrong’s former company, in a fraud investigation involving 15 tokens. This investigation aims to uncover potentially fraudulent crypto activities.
Points
- The CFTC issued a subpoena to Hit Network on July 16.
- The investigation involves potentially fraudulent activities with 15 tokens.
- Armstrong previously featured these tokens in his videos.
- Armstrong was ousted from the company in August 2023.
- The CFTC seeks information on trading activity and digital wallets linked to these tokens.
The Commodity Futures Trading Commission （CFTC） has subpoenaed Hit Network, the former company of Ben ‘BitBoy’ Armstrong, as part of a fraud investigation involving 15 tokens. The subpoena, issued on July 16, seeks detailed information about trading activity and digital wallets connected to these tokens, aiming to uncover fraudulent crypto activities.
Armstrong featured all the mentioned tokens in various videos, claiming significant potential for price increases. Although Armstrong himself isn’t referenced in the subpoena, his history with these tokens places him at the center of the investigation.
A Volatile Exit
Armstrong’s departure from Hit Network in August 2023 was fraught with controversy, including allegations of substance abuse and legal disputes over assets like a Lamborghini. He has also admitted to performing paid promotions of crypto scams, albeit unintentionally, and has faced criticism for undisclosed promotions.
The token BEN, created by influencer ben.eth and later taken over by Armstrong as CEO, is among those under scrutiny. Armstrong’s involvement with BEN was reportedly one of the reasons for his exit from Hit Network.
Both the CFTC and