# CFTC Initiates Legal Action Against Altcoin Linked to a Prominent Crypto Influencer
The U.S. Commodity Futures Trading Commission (CFTC) has launched a lawsuit targeting the token associated with one of the cryptocurrency industry’s most notable figures.
**Author:** Mete Demiralp
**Date:** 03.08.2024 – 10:51
**Update:** Just now
The CFTC has issued a subpoena to Hit Network, a media entity centered on cryptocurrency and linked to Ben Armstrong, previously known as “BitBoy.” Dated July 16, the subpoena forms part of a wider probe into alleged fraudulent activities surrounding digital currencies, particularly focusing on 15 specific tokens, including the memecoin BEN.
The investigation is scrutinizing trading practices related to these tokens and associated digital wallets, indicating that unidentified individuals may have participated in deceptive conduct. While the subpoena does not explicitly mention Armstrong, it underscores his involvement in the promotion of these tokens through various video content.
Until his exit in August 2023, Armstrong was a leading figure at Hit Network, where he featured all the mentioned tokens in his videos. For instance, one YouTube title claimed a particular token could see a 100-fold price increase. These videos were largely produced under the BitBoy Crypto brand, most being created in or before March 2021, coinciding with the foundation of Hit Network.
**Related News:** Matrixport Predicts Timeline for Bitcoin Recovery
In response to the subpoena, Armstrong expressed a sense of relief, asserting that his former associates took financial control of the BitBoy Crypto brand in 2020 and alleging various misconducts. “For over a year, my primary desire was for people to hear me out,” Armstrong stated. “Almost everyone in this industry turned their back on me. Now, many of these individuals will start to experience the consequences of their betrayals, as numerous connections will surface.”
Of particular interest in the subpoena is the token BEN, a memecoin launched on May 5, 2023, by a fictitious influencer known as ben.eth. Armstrong joined the core team shortly after its inception and became CEO earlier this year, although he exited the project on June 5.
*This article is not intended as investment advice. To explore over 300 cryptocurrencies, consider registering with Binance through this link for a 20% COMMISSION DISCOUNT!*
Stay updated by following our Telegram and Twitter accounts for exclusive news, insights, and on-chain analytics!