BitBoy, whose real name is Ben Armstrong, is a cryptocurrency influencer, YouTuber, and content creator known for his channel BitBoy Crypto. He gained popularity by providing news, analysis, and opinions on Bitcoin, altcoins, and the overall crypto market.
Controversies & Issues
BitBoy has been involved in several controversies, including:
- Paid Promotions: Accusations of promoting crypto projects without proper disclosure.
- Lawsuits: Legal disputes, including one with YouTuber Atozy, and another involving FTX and Ben Armstrong’s alleged role in misleading investors.
- Departure from BitBoy Crypto: In 2023, he was reportedly removed from his own brand, BitBoy Crypto, due to internal conflicts and alleged financial mismanagement.
BitBoy & Paid Promotions Controversy
Ben Armstrong (BitBoy) has faced multiple accusations of promoting cryptocurrency projects without proper disclosure. Here are the key details:
1. Allegations of Undisclosed Paid Promotions
- Promoting “Scam” Projects: BitBoy has been accused of promoting questionable projects that later failed or were rug pulls.
- Failing to Disclose Payments: Reports suggested that Armstrong was paid significant amounts (often tens of thousands of dollars) to promote certain tokens without clearly stating it was a paid promotion.
2. YouTuber Atozy Lawsuit (2022)
- Atozy (Erling Mengshoel Jr.) released a video accusing BitBoy of misleading his audience and promoting “scam” projects.
- BitBoy sued Atozy for defamation, but the backlash forced him to drop the lawsuit.
- Atozy later raised funds for legal defense, with crypto influencers like Cobie donating, though he refunded the money after the lawsuit was dropped.
3. The $30K Promotion Revelation
A report by The New York Times and blockchain sleuths revealed that BitBoy allegedly charged $30,000 per promotional video, often failing to clarify they were ads. This led to more criticism from the crypto community.
4. Legal & Industry Backlash
- BitBoy was included in a class-action lawsuit (2023) for promoting FTX, where investors claimed he misled them about the exchange’s stability before its collapse.
- His reputation took a major hit, leading to his eventual removal from BitBoy Crypto by its parent company, Hit Network.
BitBoy & FTX Promotion Controversy
BitBoy Crypto (Ben Armstrong) was one of the many influencers who promoted FTX, the now-collapsed cryptocurrency exchange founded by Sam Bankman-Fried (SBF). His involvement led to legal trouble and a damaged reputation.
1. How BitBoy Promoted FTX
- BitBoy endorsed FTX as a trustworthy exchange, encouraging his audience to use it.
- He allegedly received payments for these promotions, though the exact amount remains unclear.
- Many of his followers who trusted his recommendations lost money when FTX collapsed in November 2022.
2. Lawsuit Against Crypto Influencers
- In March 2023, a $1 billion class-action lawsuit was filed against several influencers, including BitBoy, for promoting FTX without proper disclosure.
- Other influencers named: Graham Stephan, Meet Kevin (Kevin Paffrath), and Tom Nash.
- The lawsuit argued that these influencers played a role in misleading retail investors.
3. BitBoy’s Reaction: From Supporter to Critic
- After FTX’s collapse, BitBoy turned against Sam Bankman-Fried and became one of his biggest online critics.
- He traveled to the Bahamas in a publicity stunt, claiming he was trying to confront SBF personally.
- Despite his past endorsements, he denied responsibility and claimed he was also deceived.
4. Damage to BitBoy’s Reputation
- The lawsuit and exposure of his paid promotions further damaged his credibility.
- In August 2023, he was removed from BitBoy Crypto, his own brand, due to internal conflicts and financial mismanagement allegations by Hit Network.
Takeaway
BitBoy was once a promoter of FTX but later tried to reposition himself as a whistleblower. However, lawsuits and community backlash suggest that his involvement in undisclosed promotions contributed to misleading investors.
BitBoy’s Paid Promotion Rates & Exposure
Over the years, multiple reports and leaks have revealed how much Ben Armstrong (BitBoy Crypto) charged for promoting cryptocurrency projects. His paid promotions became a major controversy, as many of the projects he promoted later failed or were rug pulls.
1. Leaked Promotion Rates (2021-2022)
According to leaks and investigations (such as a New York Times report and blockchain researcher ZachXBT), BitBoy charged:
- $30,000 per promotional video
- $20,000 for an AMA (Ask Me Anything) session
- $40,000+ for a full promotional package (multiple videos, tweets, and AMAs)
- Additional fees for “emergency” promotions or ongoing marketing support
These promotions were often presented as genuine investment advice, with little to no disclosure that they were paid ads.
2. BitBoy’s Denial & Later Admission
- Initially, BitBoy denied taking money to promote low-quality projects.
- However, in a 2021 livestream, he admitted that he had taken payments for promotions but claimed he stopped after realizing some projects were scams.
- Despite this, more projects he endorsed later collapsed.
3. Exposed by ZachXBT (2022)
Crypto investigator ZachXBT revealed that BitBoy had promoted multiple rug pulls and scam projects for payment.
- ZachXBT’s research linked payments from scam projects directly to BitBoy’s wallet.
- This contradicted BitBoy’s claim that he was “unaware” of scams.
- The crypto community heavily criticized him, accusing him of profiting off his followers’ losses.
4. Fallout & Lawsuits
- BitBoy was later sued in 2023 in a $1 billion lawsuit for promoting FTX and misleading investors.
- His reputation took a massive hit, leading to his removal from BitBoy Crypto by its parent company, Hit Network, in August 2023.
Takeaway
BitBoy made millions from undisclosed promotions, pushing risky or fraudulent projects. While he later claimed he had stopped, his past promotions contributed to major financial losses for his audience.
List of Rug Pulls & Scam Projects Promoted by BitBoy Crypto
Ben Armstrong (BitBoy Crypto) has been linked to several rug pulls and scam projects that either collapsed or were outright frauds. Many of these projects paid BitBoy for promotions, leading to major financial losses for investors.
1. PAMP Network (PAMP) – 2020
- What was it? A DeFi yield farming token that claimed to reward long-term holders.
- What happened? Developers drained liquidity and abandoned the project.
- BitBoy’s role? Promoted PAMP as a great investment but later deleted videos about it.
2. DISTX (DISTX) – 2020
- What was it? A token launchpad project claiming to improve fairness in ICOs.
- What happened? The team ran off with investor funds after raising millions.
- BitBoy’s role? He heavily promoted DISTX, calling it a “must-buy.” After the rug pull, he claimed he was misled too.
3. Ethereum Yield (ETHY) – 2020
- What was it? A yield farming protocol promising high returns.
- What happened? It turned into a pump-and-dump, crashing after early insiders sold their tokens.
- BitBoy’s role? He promoted ETHY on YouTube, causing a temporary pump before the crash.
4. Cypherium (CPH) – 2021
- What was it? A blockchain project claiming “partnerships with the Federal Reserve.”
- What happened? The partnership claims were false, and the token price collapsed.
- BitBoy’s role? Promoted Cypherium as a “hidden gem” without disclosing that it was a paid promotion.
5. SafeMoon (SAFEMOON) – 2021
- What was it? A reflective token project claiming to reward long-term holders.
- What happened? SafeMoon’s team was accused of manipulating liquidity and stealing funds.
- BitBoy’s role? Promoted SafeMoon as a massive opportunity. Later, lawsuits revealed that many influencers were paid to promote it.
6. DOGET (DogeToken) – 2021
- What was it? A “Dogecoin competitor” that claimed to be a more advanced version of Doge.
- What happened? The token disappeared, and the devs were accused of scamming investors.
- BitBoy’s role? Heavily promoted DOGET, but quickly distanced himself after it crashed.
7. Kasta (KASTA) – 2022
- What was it? A crypto payments platform promising to revolutionize cross-border transactions.
- What happened? Failed to deliver on promises, and token price dropped over 95%.
- BitBoy’s role? Promoted Kasta as one of his “top picks”. Later, blockchain researchers found that insiders dumped KASTA early, leaving retail investors with losses.
8. LUNA (Terra) & Celsius (CEL) – 2022
- What was it? LUNA was a stablecoin ecosystem, and Celsius was a lending platform.
- What happened? Both collapsed, wiping out billions in investor funds.
- BitBoy’s role? Promoted both projects, claiming they were safe investments before they imploded.
9. BEN Coin (BEN) – 2023
- What was it? A meme coin launched by BitBoy himself.
- What happened? BitBoy abandoned the project, selling his tokens after promising he wouldn’t.
- BitBoy’s role? Created and hyped up BEN Coin, then later sold off his holdings, leading to accusations of dumping on his followers.
Takeaway
BitBoy promoted multiple failed projects, many of which turned out to be rug pulls or pump-and-dumps. His undisclosed paid promotions misled investors, damaging his credibility.
As of February 13, 2025, Ben Armstrong, known as BitBoy Crypto, has faced significant challenges impacting his public presence. Recent reports indicate that his status is currently unclear, leading to concerns within the cryptocurrency community. Community members have expressed hopes for his safety, acknowledging his contributions and influence in the crypto space.
In 2023, Armstrong was removed from his company, BitBoy Crypto, by its parent company, Hit Network, due to allegations of substance abuse and financial mismanagement. Following his departure, he faced legal challenges, including a class-action lawsuit filed by $BEN coin holders, alleging fraudulent promotions and misleading investors.
In September 2023, Armstrong was arrested following a live broadcast on YouTube, further complicating his legal standing. These events have led to a diminished public presence, and his current activities remain largely unknown.
Given the recent concerns about his status and the lack of detailed information, the community remains attentive to any updates regarding Armstrong’s well-being and future endeavors.
BitBoy (Ben Armstrong) is a controversial figure in cryptocurrency, and whether he was “good” or “bad” for the space depends on perspective.
Arguments That BitBoy Was Bad for Crypto
🚩 Promoted Scam Projects & Rug Pulls – BitBoy endorsed multiple projects that failed, often without proper due diligence.
🚩 Undisclosed Paid Promotions – Leaked reports showed he charged $30,000+ per video to promote tokens, many of which later collapsed.
🚩 Misled Investors – Lawsuits claim he played a role in misleading investors, including promoting FTX before it collapsed.
🚩 Reputation Damage to Crypto – His actions reinforced the stereotype that crypto is full of scammers & grifters.
🚩 Legal & Personal Issues – His removal from BitBoy Crypto, lawsuits, and an arrest in 2023 further damaged credibility.
Arguments That BitBoy Was Good for Crypto
✅ Brought Crypto to a Wider Audience – He introduced thousands of people to Bitcoin, Ethereum, and blockchain technology.
✅ Exposed Scams (After the Fact) – After FTX collapsed, he pivoted to calling out Sam Bankman-Fried and other bad actors.
✅ Helped Retail Investors Learn About Crypto – His content simplified complex crypto topics for beginners.
Final Verdict: Net Negative
While BitBoy did help introduce people to crypto, his paid promotions, misleading endorsements, and legal issues ultimately harmed the space more than they helped. Many investors lost money due to projects he promoted, and his actions fed the narrative that crypto is a wild west full of scams.
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