Crypto influencer Ben Armstrong appears ready to call it quits on his daily livestream, which has been running for three years. Armstrong confirmed he would end his departure following months of drama surrounding recent lawsuits and his legal fallout with the BitBoy team.
The YouTuber bid farewell in a recent post on X after running the BitBoy livestream for 3 years. While the former BitBoy presenter might be leaving the industry, His ex-employer, announced that BiyBoy Crypto was dead, following a rebrand to Discover Crypto.
Armstrong Says Crypto Livestream ‘Too Expensive’
Armstrong said the livestream became too expensive at $25,000 per week, and he could no longer afford to pay one key employee. He also claimed to be paying $100,000 in legal fees every month.
“I’ve been doing this live stream, every single day from January 2021. It’s January 2024 now. A lot of stuff has changed. And we’re barely making it guys…I’m spending about a $100,000 on lawyer bills right now.”
Armstrong said despite his team’s best efforts, the popularity of the show has been declining. The number of likes has been dropping while the costs have remained the same. The influencer said he would continue making shorter-form videos that have proved more popular.
Read more: Who Is Ben Armstrong? A Deep Dive Into BitBoy Crypto
Armstrong’s cash cow was arguably his YouTube channel, which had over 1.4 million followers at its peak. The channel brought in at least $40,000 monthly through ad placements for crypto companies and blockchains.
How Bitboy Crypto Lawsuits Mounted
The former crypto influencer has been plagued by several lawsuits, some of which have been made public. The costs have reportedly caused Armstrong to “run negative” every month.
Last year, investors in FTX filed a class-action suit against promoters of FTX following Armstrong’s promotion of the crypto exchange on his show. Armstrong filed and later retracted a lawsuit against crypto analyst Atozy for defamation. The influencer also fought a court battle with his former employer, the HIT Network, after his dramatic dismissal from being the face of the company’s BitBoy brand.
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The HIT Network drama caused BitBoy to solicit support from the crypto community, a move that riled crypto personalities. On-chain sleuth ZachXBT said Armstrong’s request was appalling, given his promotion of projects that caused significant losses for investors. The crypto influencer filed a countersuit against HIT Network, which he claims he recently withdrew.
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