The cryptocurrency community was jolted by an unexpected announcement from the parent company of the Hit Network, the entity behind the popular "BitBoy Crypto" brand. Recently, the company revealed its decision to sever ties with the public face of the brand, Ben Armstrong.
The move, disclosed through a YouTube and social media statement yesterday, was driven by concerns over substance abuse and allegations of financial harm inflicted upon employees and others within the industry. As the dust settles on this surprising development, it marks the end of an era for BitBoy Crypto, leaving observers speculating about the path the brand will take in the future.
Meanwhile, the price of Ben (BEN) was severely impacted by the development. Over the past 24 hours, the altcoin’s price plummeted more than 30%. Furthermore, technical indicators suggested that the cryptocurrency’s price may be at risk of testing a crucial support level within the next 24-48 hours.
Ben Armstrong No Longer a Part of BitBoy Crypto
In a surprising turn of events, the parent company of the Hit Network, which oversees the well-known "BitBoy Crypto" brand, has announced the severance of ties with its public face, Ben Armstrong. The decision comes in light of concerns surrounding substance abuse and alleged financial harm inflicted upon employees and others within the industry. The development, shared in a YouTube and social media announcement yesterday, marks the end of an era for BitBoy Crypto and raises questions about the brand's future trajectory.
The Substance Abuse Struggle
The announcement regarding the termination of the relationship with Ben Armstrong has been attributed to his struggles with substance abuse. The parent company revealed its efforts to support Armstrong during his relapse but ultimately determined that the business relationship had to come to an end. This decision signifies the culmination of a complex situation, in which personal struggles have intertwined with the professional reputation and impact of the BitBoy Crypto brand.
Allegations of Harm and Misconduct
The departure of Ben Armstrong from BitBoy Crypto is also linked to allegations of harm and misconduct. The company's spokesperson cited "emotional, physical, and financial damage" inflicted upon employees and others within the space. While the specific incidents that led to these allegations were not disclosed in the announcement, it is clear that these issues have played a significant role in the decision to cut ties with Armstrong.
Legal Entanglements and Controversies
Armstrong's exit from BitBoy Crypto occurs in the midst of a backdrop of legal entanglements and controversies. Notably, Armstrong was involved in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing compensation from the exchange. Court documents revealed claims that Armstrong had issued threats against lawyers representing plaintiffs and had openly defied court orders. This legal case, which was temporarily halted on 16 June 2023, showcased the complex legal landscape that Armstrong had found himself in.
Furthermore, Armstrong's use of his platform to make disparaging remarks about high-profile figures, including European Central Bank President Christine Lagarde and U.S. Securities and Exchange Commission Chair Gary Gensler, has raised eyebrows and sparked discussions about the responsibility and ethics of crypto influencers.
Support and Uncertainty
News of Armstrong's departure from BitBoy Crypto has triggered mixed reactions from his followers on various social media platforms. Many expressed support for Armstrong, expressing concerns about the future of the "BitBoy Crypto" brand without its recognizable public face. Armstrong's significant online presence, boasting more than 1 million followers on X (formerly Twitter) and YouTube subscribers, had contributed to the brand's extensive social reach, exceeding 3.3 million followers as of August this year.
Industry Context and Global Scrutiny
Armstrong's departure comes at a time when regulatory authorities worldwide are closely scrutinizing cryptocurrency influencers for their involvement in potentially fraudulent projects. This intensified focus follows the fallout from the collapse of FTX, a situation that has put the entire cryptocurrency landscape under a microscope. As governments and regulators step up efforts to ensure the integrity of the cryptocurrency space, the actions and behavior of influencers have come under increased scrutiny.
At press time, the cryptocurrency price tracking website CoinStats indicated that the recent development impacted the price of Ben (BEN) substantially over the past 24 hours. During this period, the altcoin’s price had plummeted 32.57%. Consequently, the cryptocurrency was changing hands at $0.000000017822. Furthermore, it not only weakened against the Dollar, but was also outperformed by the market leader Bitcoin (BTC) as well during the past day of trading.
Price chart for BEN (Source: CoinStats)
Moreover, BEN has been struggling beyond the past 24 hours, as its weekly and monthly performances painted a dire picture for the cryptocurrency as well. CoinStats indicated that BEN’s price had dropped 42.96% over the past 7 days. Its monthly performance, however, was entrenched deep in the red zone as the altcoin was down a whopping 60% for this period.
4-hour chart for BEN/USDT (Source: TradingView)
From a technical standpoint, BEN’s price had recently broken out of a descending price channel that had formed on its 4-hour chart throughout the past 2 weeks. Shortly after breaking below this channel, the cryptocurrency’s price retested the crucial support level at $0.00000001485 in the previous 24 hours.
It had temporarily broken below this mark and reached a low of $0.00000001413, but bulls were able to elevate BEN’s price back above the support level to close the 4-hour candle at $0.00000001700. This bullish momentum had then continued - briefly elevating the cryptocurrency’s price to within the aforementioned price channel earlier today.
At press time, however, BEN was trading closer to the previously-tested support level at $0.00000001485 than the lower level of the negative price channel. If BEN’s price is unable to close a 4-hour candle back within the negative price channel within the next 24 hours, then it may be at risk of breaking below the $0.00000001485 support.
On the other hand, if BEN is able to close a 4-hour candle above $0.00000002159 in the coming 24-48 hours, then it may attempt to flip the resistance level at $0.00000002613 into support in the following 48 hours. Thereafter, the altcoin’s price will have a clear path to rise to the next major threshold at $0.00000004553.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.