BitBoy Crypto’s prominent figure, Ben Armstrong, ousted from YouTube channel and brand by parent company due to alleged substance abuse and financial harm. BJ Investment Holdings legally intervened to remove Armstrong from both platforms.

Paul Chan believes that the driving force behind Hong Kong’s digital tech sector’s forthcoming substantial expansion will be blockchain and Web3 technology.

Hong Kong’s financial secretary, Paul Chan Mo-po, has once again voiced his strong endorsement for blockchain technology, asserting that it will lead the next wave of “breakthrough growth” in the digital technology industry.

In a recent blog post on August 27th, Chan elaborated that emerging segments within Web3, including NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, are positioned to spearhead the forthcoming era of digital entertainment.

These declarations from Chan followed his attendance at a three-day event titled the Digital Entertainment Leaders Forum, hosted at Hong Kong’s Cyberport.

Cyberport, a diverse 25-hectare tech and multimedia hub, provides resources ranging from grants to funding and office spaces to a wide spectrum of companies spanning the tech, digital entertainment, and finance sectors.

Importantly, Chan divulged that he had allocated an additional $50 million from this year’s budget to Cyberport earlier this year with the goal of accelerating the development of a dynamic Web3 ecosystem.

Chan also spotlighted the fact that Cyberport has already amassed more than 180 Web3-related tech companies, encompassing startups and fully-fledged exchanges, all housed under its expansive roof. Notably, 20% of these entities originate from overseas.

While China has adhered to a rigorous anti-crypto stance for nearly five years, Hong Kong has embraced crypto-friendly legislation, positioning itself as a global center for digital assets.

Demonstrating its ongoing dedication to investing in the Web3 movement, Hong Kong established a Web3 task force aimed at providing recommendations for the sustainable and responsible expansion of this burgeoning industry.

On August 3rd, local crypto exchange HashKey revealed that it had successfully secured all the necessary licenses to commence offering crypto assets to retail investors, marking it as the first exchange on Hong Kong soil to extend its services beyond institutional investors.

In a contrasting development, Ben Armstrong, the public figure associated with BitBoy Crypto, has been removed from the YouTube channel and brand. The decision was enacted by the parent company of Hit Network, who cited concerns related to substance abuse and financial repercussions.

BJ Investment Holdings took legal measures to eliminate Armstrong from both the YouTube channel and the company, as announced on X (formerly Twitter).

A more comprehensive explanation was conveyed during a BitBoy Crypto livestream on YouTube. A spokesperson conveyed that the company’s decision was a result of their protracted effort to assist Ben during his relapse into substance abuse and to address the emotional, physical, and financial harm inflicted on Hit Network’s staff and the BitBoy Crypto community.

The company expressed its regret that circumstances had led to this outcome.

The BenCoin account on X responded to the news, although it remains uncertain whether Armstrong was behind the post. The statement read, “TJ Shedd & Justin Williams have attempted a coup at my company. There has been a mutiny at BitBoy Crypto & Hit Network.”

Who is Ben ‘Bitboy’ Armstrong?

Ben Armstrong, widely known as ‘Bitboy,’ founded the BitBoy Crypto YouTube channel in February 2018. The platform serves as an avenue for offering crypto news, project assessments, and trading guidance.

Currently, the BitBoy Crypto YouTube channel boasts 1.45 million subscribers, and an additional 1 million followers are engaged through its official X account.

Armstrong has employed these channels to not only share information but also to criticize prominent figures. Among those targeted were Gary Gensler, the Chair of the US Securities and Exchange Commission, and Christine Lagarde, President of the European Central Bank.

In the past year, Armstrong engaged in a defamation lawsuit against fellow YouTuber Atozy, also known as Erling Mengshoel Jr. This occurred following the release of a video titled “This YouTuber Scams His Fans…BitBoy Crypto” by Atzoy.

Ultimately, this legal matter was dismissed after Mengshoel Jr. successfully raised over $200,000 for his defense.

Following Armstrong’s removal from the brand and company, his devoted viewers expressed their support for him. Many raised concerns about the future of the “BitBoy Crypto” brand in the absence of its founder and public figure.

Numerous participants in the YouTube livestream voiced their discontent with Armstrong’s removal, demanding his reinstatement. However, the sentiment on Reddit differed, with users generally understanding the decision made by BJ Investment Holdings.

Bitboy’s Coin Promotions:

Armstrong’s controversies go beyond his clashes with fellow influencers.

Criticism has emerged surrounding Armstrong’s alleged sale of tokens subsequent to endorsing them on his channels. He faced backlash for promoting potentially precarious investments via affiliate connections.

ZachXBT, a crypto scam investigator, used X to question whether Armstrong’s recent association with questionable meme coins contributed to his removal. The X account inquired, “Is it because of your recent involvement with all of these sketchy meme coins or something else?”

FTX Lawsuit:

Armstrong is also entangled in a class-action lawsuit wherein investors accuse him and other influencers of promoting the FTX exchange without disclosing their received compensation.

Legal documents from this lawsuit unveiled allegations that Armstrong even issued threats to lawyers representing the plaintiffs. He reportedly defied orders from a federal judge by failing to appear in court. The lawsuit was placed on hold as of June 16, 2023.

It remains unclear whether these actions directly resulted in his removal from BitBoy Crypto.

Across the globe, crypto influencers are encountering heightened scrutiny, especially following the FTX collapse. Numerous authorities are cracking down on influencers due to their alleged involvement in endorsing questionable projects.