Ben Armstrong, known in the cryptocurrency world as Bitboy, has announced the cessation of his daily live stream.
Armstrong’s decision comes amid a flurry of personal and legal challenges, including a significant financial strain due to the production costs of his shows and mounting legal expenses.
In an emotional video on his YouTube channel, Armstrong revealed that his daily crypto trend shows cost $25,000 a week to produce, making them financially unsustainable. He also mentioned that his legal expenses amount to approximately $100,000 monthly.
The influencer, who once commanded a large following for his crypto insights and predictions, finds himself at a crossroads, grappling with the fallout from various controversies and legal battles.
“Lawyers are attacking me from every direction, and currently, everyone I know is targeting me,” Armstrong said in the 10-minute video, which had attracted 18,000 views by late Jan. 31, sharing that they’re barely surviving.
Armstrong’s journey into the crypto spotlight began with his Bitboy vlog, where he offered price predictions and crypto news, quickly amassing a large following. His foray into creating his own cryptocurrency, $BEN coin, marked a high point in his career.
However, the venture soon turned sour as Armstrong faced serious allegations, leading to his ousting from the BitBoy brand and subsequent legal disputes.
His unexpected sale of BEN tokens for a significant sum, despite previous commitments to hold them, raised eyebrows and led to accusations of market manipulation. This incident, coupled with his involvement in a fraudulent FTX case and a high-profile Twitter hack, has painted a picture of a figure embroiled in controversy.
Armstrong’s legal woes are compounded by his battle with Hit Network, which has drained his finances and prompted him to seek donations from the crypto community. This move, however, has sparked outrage, especially given Armstrong’s display of wealth in the past.
Critics argue that the funds could be better used to support more pressing causes, highlighting a disconnect between Armstrong’s plea for support and his previous lifestyle.
As Armstrong steps back from his daily livestream, his story is a cautionary tale about the pitfalls of fame and the volatile nature of the crypto world, where fortunes can turn as quickly as the market itself.