Who Is Ben Armstrong? A Deep Dive Into BitBoy Crypto

Ben Armstrong and his team built a YouTube channel, BitBoy Crypto, into a giant crypto influencer machine, attracting a cultic following of fans. But a flood of scandals has since eroded Armstrong’s credibility within crypto circles.  

This guide offers a comprehensive deep dive into the life of Ben Armstrong. We focus on his achievements, much-publicized missteps, and how they’ve affected both Armstrong and those around him.

Who is Ben Armstrong?

Ben Armstrong is an American crypto influencer who gained fame and notoriety with the BitBoy Crypto YouTube Channel. The channel produced crypto-specific content, from news pieces to analyses and interviews. At one point, the platform boasted over 1.4 million subscribers. 

The 41-year-old left the channel after falling out with former associates, including longtime ally TJ Shedd. That followed a series of exposés that linked him to different crypto scams. He has since opened a new channel with a following of 84 thousand YouTubers. 

Education

Armstrong’s LinkedIn shows that he attended Toccoa Falls College from 2009-2012. He graduated with a Bachelor’s Degree in Ministry Leadership from the Christian liberal arts institution in Georgia. He also mentions attending Kennesaw State University but doesn’t show his field of study or dates of attendance. 

Achievements

The Atlanta resident and father of three describes himself as a crypto lover and content creator. He fashions himself as a minister for the mainstream adoption of Bitcoin and other digital assets. He is active on his website, social media platforms like X and TikTok, and his YouTube channel. 

Besides content creation, Armstrong sells his merchandise to his fans. He counts the following as some of his main achievements:

• Founding BitBoy Crypto, High Throughput Productions, and HIT Network. But as stated, he has now parted ways with associates with whom he co-founded these organizations.
• Owner/Designer at Ben Armstrong Designs since January 2015. This entity deals with SEO, web, and graphic design, among other services.
• Owner of Front Page Tickets since January 2011.
• Co-host at Beards and Bitcoins from September 2018 to January 2021.
• Executive Director at Three Dimensional Life from October 2015 to August 2018.

How did BitBoy Crypto make his fortune?

BitBoy Crypto’s fortune stems from several sources. He entered the crypto space early, investing in Bitcoin around 2012. Since then, Bitcoin’s value has appreciated significantly, as have his other crypto holdings. 

Armstrong’s largest fortune maker was, perhaps, his YouTube channel. He ran a thriving BitBoy Crypto YouTube Channel that, at its peak, had over 1.4 million followers. Therefore, he could generate substantial revenues through sponsorships and affiliate marketing. The channel brought in $40,000 in monthly ad revenues by recommending different crypto and blockchain products and services.

Additionally, BitBoy Crypto monetized his large following, named the BitSquad Community. He introduced different subscription-based services to the community and sold exclusive content to generate more income.

BitBoy Crypto also has a keen eye for business. He had a similarly named podcast, which brought him additional income in ads and endorsements. He also had a thriving merchandise business through which he sold his fans several of his products, like t-shirts and mugs.

Ben Armstrong is also the author of a book titled Catching Up To Crypto, which he sells through his different channels, websites, and retailers like Amazon. He also collaborated with different crypto projects, receiving fees for promoting their products and services.

Bitboy’s current net worth

Two factors make estimating BitBoy’s net worth extremely difficult. First, he has yet to disclose his wealth publicly, and second, most of it is tied to crypto, which is highly volatile. So, based on the market conditions, his holdings could vary significantly and sharply.

Many cite BitBoy’s net worth to lie within the $8 million to $30 million range; most put that figure at around $20 million.

Crypto projects linked with Ben Armstrong 

Ben Armstrong has had associations with various crypto projects throughout his career, some with a dubious reputation. Here’s a breakdown of his past and present connections:

• DistX (2020): He vouched for this project as a “scam-proof” coin, only for it to turn out to be a rug pull, leading his viewers to significant losses. This incident remains a significant blot on his image.
• Hex (2021): Armstrong pushed this high-interest blockchain certificate of deposit project. Hex has raised eyebrows for its extremely high yield rate, and its detractors have raised concerns over its ponzi-like structure.
• SafeMoon (2021): BitBoy initially promoted this DeFi token enthusiastically. But he later expressed doubts about the project’s sustainability despite holding some SafeMoon tokens. Renowned YouTube sleuth Coffeezilla had also flagged this project as a slow rug pull.
• PSYOP: Armstrong began promoting PSYOP in May 2023, soon after acquiring another memecoin, BEN, from the project’s owner, crypto developer ben.eth. Some of the project’s opponents have cast doubts on its legitimacy and transparency, claiming it’s a scam risk.
• BEN Coin: Armstrong acquired this token from crypto developer ben. eth. Like its sister token PSYOP, BEN faces legal scrutiny.

What happened to BitBoy Crypto?

Referring to BitBoy Crypto could mean one of two interrelated things. On the one hand, it is the name of a defunct YouTube channel promoting cryptocurrency adoption. On the other hand is Ben Armstrong, credited with catapulting the channel to fame.

The two have gone in two different directions.

The YouTube channel has rebranded after its management severed ties with Armstrong. Similarly, the crypto influencer has reestablished himself under a new moniker. 

But he continues drawing controversy after several crypto users accused him of allegedly promoting meme coins, which turned out to be scams. In January 2024, Armstrong is embroiled in an ongoing legal tussle with his former partners over a Lamborghini that he claims they gifted him.

The Atozy exposé: Unmasking scams

Atozy is a popular YouTuber who focuses on cryptocurrency analysis. He released a video detailing how BitBoy Crypto promoted a crypto project called PAMP. This video and subsequent commentary have put Armstrong on defense. It alleges that BitBoy has pushed pump-and-dump schemes, including PAMP. These projects leave adopters with worthless coins when their prices crash. 

Atozy accused BitBoy of presenting overly optimistic predictions and hyping low-quality projects. Armstrong, however, vehemently denied the accusations. He maintained that his role is to educate his fans on cryptocurrencies and the best investment opportunities. He reiterated that his continent empowered his followers and dismissed Atozy as a slanderer.

Their tiff blew up publicly, with Atozy claiming BitBoy had threatened to sue him. The latter, however, backed off after Atozy bagged $200K in contributions towards his legal defense.

ZachXBT vs. BitBoy

ZachXBT is an anonymous blockchain investigator who has made a name for exposing scams and dubious dealings within the crypto industry. He delves into projects, looking for red flags and evidence of fraud, and shares his findings through X and independent articles.

He has had an adversarial relationship with BitBoy Crypto. ZachXBT accused BitBoy of promoting scams and profiting off of his viewers by pushing dubious projects. His bone of contention with Armstrong is that he isn’t forthright with information regarding sponsored content and potential conflicts of interest.

But as expected, Armstrong disputed those allegations. He insisted that he thoroughly researches projects before promoting them. To him, ZachXBT is spreading misinformation and attempting to ruin his reputation.

Hit Network’s shocking announcement

In an unprecedented move, the HIT Network announced that it was terminating its relationship with Armstrong on August 28, 2023. The firm laid out the reasons for sacking its founder through an X post. These included alleged substance abuse, misappropriation of funds, and subjecting the firm to emotional and physical damage.

Armstrong dismissed the move as a coup motivated by the betrayal led by TJ Shedd. He insisted he was still in charge of the firm and filed a court case challenging his removal. Another case regarding his relationship with his previous partners is still pending.

Controversies and legal issues

The controversies surrounding BitBoy are numerous and complex, making it difficult to pinpoint one specific issue. Here’s a breakdown of some significant controversies.

1. Substance abuse and internal strife

In 2023, HIT Network fired Ben Armstrong from BitBoy Crypto, the media company he founded. The firm listed allegations of substance abuse and causing it “emotional, physical, and financial damage” as reasons for his axing. Armstrong claimed there was an “internal coup” orchestrated by his former colleagues, with conflicting narratives about the nature of his departure.

2. Plagiarism and misinformation

BitBoy has faced accusations of plagiarizing content from various sources, including artwork, scripts, and research findings. He denies these allegations, claiming fair use or misunderstanding copyright laws. Concerns exist about the authenticity and originality of his content, raising questions about the accuracy of the information he shares.

3. Promotion of risky investments and scams

Some critics argue that BitBoy promotes risky investments and potentially fraudulent projects without properly discussing potential conflicts of interest. For example, the Atozy Exposé by YouTuber Coffeezilla delves into alleged scams and unethical practices within the crypto community. BitBoy features prominently in those videos.

4. Legal battles

Armstrong has instituted legal proceedings against his erstwhile partners at HIT Network. In one of the two suits against his friends turned foes, he is seeking redress for his dismissal from the firm. He has adduced evidence suggesting that he remains the majority shareholder at HIT Network.

In the second, he has subdued the same parties for allegedly taking control of his X account. He says they aimed to publicly embarrass and intimidate him into transferring a Lamborghini Huracan to Carlos Diaz. Additionally, he wants the courts to find the defendants guilty of racketeering and threatening him.

On one other front, he faced a class-action lawsuit against several crypto influencers for promoting the infamous FTX crypto exchange. However, the plaintiffs later applied for his dismissal from the proceedings.

5. Ethical concerns and lack of transparency

Questions also linger about his unethical practices within BitBoy Crypto. These majorly center on his financial dealings and potential conflicts of interest. The lack of transparency about his finances and the company’s internal workings further fuels this criticism.

Fundraising for legal battle

Armstrong launched a fundraiser for his legal fees in light of the multiple legal actions he is pursuing. An outpouring of public sympathy after tweeting about his financial woes saw him net over $150,000 in a few hours. In the video, he stated that his former partners had taken all his money and were blackmailing him because of the case.

This move drew divided reactions from the public. Some sections of crypto Twitter expressed outrage at him for asking for donations. They argued that Armstrong was a man of means who could afford to fund his legal obligations.

Nevertheless, his sympathizers supported him, insisting he was a victim of unfair targeting. It’s unclear how much his legal fees will eventually come to. However, it could likely hit top figures.

Alleged internal strife at BitBoy Crypto

Armstrong’s sacking revealed a behind-the-scenes power struggle at BitBoy Crypto. This pitted the crypto influencer against a group led by TJ Shedd. Shedd’s group decided to oust him owing to his misconduct, which included substance abuse, harassing employees, and financial impropriety.

The move didn’t go well with Armstrong, who accused Shedd of orchestrating a coup. He held that their allegations lacked foundation, suggesting that his detractors were motivated by selfish motives. 

Plans to Relocate Business

Reports in early 2023 indicated that BitBoy Crypto was considering moving its operations to Dubai. The motivation for that move would have been the perceived benefit of Dubai’s favorable tax regulation and growing crypto adoption. However, Armstrong’s ouster from the company put paid to these plans.

Relaunch as Discover Crypto

After Armstrong’s exit, the BitBoy Crypto YouTube Channel ceased operations under that name in October 2023. Instead, the HIT Network that owned it rebranded it to Discover Crypto. Its management affirmed that the platform had infused the team with new blood to spearhead its transition from its predecessor.

This new entity’s focal point would be the key issues affecting the crypto and blockchain ecosystem. That was in contrast to the personality-driven presentation that Armstrong favored. With this new shift, it hopes to win the trust of its fanbase.

TJ Shed, Discover Crypto’s CEO, reiterated the need for this reset in the wake of BitBoy Crypto’s debacle. He stated:

“This is a pivotal moment for us: it’s more than a rebrand – we’re committing to offering compelling, educational, and engaging content that moves the industry forward, not backward.”

TJ Shed: Press release via PR Newswire

Police intervention and firearm discovery

The Gwinnett County Sheriff’s Department arrested Armstrong in late September 2023 following an altercation with his estranged associate, Carlos Diaz. BitBoy would later take to X, confirming his arrest. He tweeted tongue in cheek about being a loiterer and his 8-hour ordeal in the county jail. Diaz also released CCTV footage showing their public spat.

Before the incident, Armstrong had tweeted about going live from a special venue that turned out to be Diaz’s house. YouTube footage shows him arguing with Diaz while linking him to the mob. 

Police arrived shortly and questioned him before arresting him. At the time, the disgraced crypto promoter had a firearm and an unnamed female companion in his car.

Is Bitboy Crypto in jail?

No, Ben Armstrong is not in jail as of mid-January 2024. The department booked him for loitering/prowling and simple assault. Armstrong posted $2,600 in bail after spending eight hours behind bars. At the center of the dispute was a Lamborghini that Ben claims Carlos and other associates had defrauded him of.

Always DYOR regardless of what an influencer may say

BitBoy Crypto’s capitalization puts crypto influencers firmly in the spotlight. Although they do an excellent job of educating the public about cryptocurrencies and their investments, some may be using their platforms to mislead their followers intentionally. It also highlights the public’s responsibility to conduct due diligence on the projects they want to invest in.

Frequently asked questions