Ben Armstrong has lost his marriage, his once-thriving YouTube empire, and even his prized Lamborghini. He was hailed as one of the most popular cryptocurrency influencers, drawing in millions of viewers under the name BitBoy Crypto. Then, a wave of legal disputes, internal upheaval, and personal controversies changed everything.
In late September 2023, Armstrong stood on a residential street outside Atlanta, furious over what he called the theft of his Lamborghini Huracán Performante. Police arrived and arrested him, charging him with “loitering/prowling” and “simple assault by placing another in fear.” Within hours, he had posted bail and was back online, trading accusations with ex-colleagues about millions of dollars in lost funds and a litany of alleged betrayals. Many observers saw the incident as a shocking public unraveling for a figure once celebrated at the forefront of crypto content creation.
Armstrong’s downfall did not happen overnight. It followed years of spiraling events involving early Bitcoin purchases, high-profile sponsorships, and a series of personal and professional decisions that he once believed were propelling him to the top. BitBoy’s fans had grown accustomed to seeing their hero in glossy YouTube videos, lauding the promise of coins like XRP and Polkadot while driving dream cars and professing to educate the “everyman” about the power of cryptocurrency. By the end of 2023, much of that image had collapsed under allegations of substance abuse, financial misconduct, a secret affair, and a bitter corporate coup. The saga has since become a cautionary tale of how fast fortunes can rise and fall in the unregulated world of digital assets.
Below is an in-depth look at the meteoric ascent that fueled BitBoy’s fame, the controversies that engulfed him, and the key points of conflict that define his ongoing legal battles.
Surging Popularity and Early Crypto Ambitions
Ben Armstrong was born on October 27, 1982, in the United States and currently resides in the Atlanta area. In 2012, he earned a bachelor’s degree in Ministry Leadership from Toccoa Falls College and also attended Kennesaw State University. His professional path included roles in graphic design and business ownership. He battled methamphetamine addiction during the early 2000s and spent nearly a year in rehab, an experience he later credited for reshaping his life. By 2017, Armstrong had cultivated an interest in digital currencies. His timing would prove fortuitous as crypto markets soared in the months that followed.
Under the moniker BitBoy Crypto, Armstrong began posting crypto-themed videos on social media. He eventually turned his channels into a mini-media enterprise anchored by daily YouTube livestreams, a podcast, and a robust presence on platforms like Twitter (now X). The BitBoy Crypto YouTube channel, launched officially in 2018, attracted both novice and experienced crypto enthusiasts. Its meteoric subscriber growth peaked during the 2021 bull run, when Bitcoin values soared above $60,000.
Through a partnership with businessman and fellow crypto enthusiast Timothy “TJ” Shedd, Armstrong developed a formal production studio in suburban Atlanta. Their shared enterprise included the companies High Throughput Productions, Hit Network, and other affiliated brands designed to harness the wave of interest in digital assets. Armstrong’s boisterous persona—characterized by bold predictions and stylized imagery of fast cars and expensive clothes—proved effective. At its peak, the BitBoy Crypto channel amassed approximately 1.5 million subscribers, reportedly generating as much as $40,000 a month in ad revenue.
Armstrong’s personal life also appeared stable. He and his wife, Bethany, married after years of friendship, and they share three children. Bethany’s social media pages often highlighted her passion for reading and her support for her husband’s blossoming crypto career. But behind the scenes, tensions were quietly escalating.
Building Wealth and Drawing Scrutiny
Armstrong once claimed he had around $40 million in various crypto holdings at the market’s peak. The wealth came from multiple streams: early investments in Bitcoin, YouTube ad revenue, merchandise sales, and more controversial sponsorship deals. Some deals included paid promotions that netted him tens of thousands of dollars to feature little-known crypto tokens and projects on his show.
Paid partnerships became a sore spot in Armstrong’s public image. A blockchain investigator known as ZachXBT published evidence suggesting Armstrong had accepted fees of up to $35,000 for a single “dedicated review.” Critics and some former fans accused him of promoting risky or even fraudulent tokens. One project he touted, DistX, was later revealed to be a “rug pull” scam that left investors with worthless coins. Armstrong removed old videos promoting these types of tokens, telling viewers he did not want new visitors stumbling upon outdated advice. While he publicly admitted to accepting large sums for endorsements, he insisted he stopped sponsored content in January 2022 to regain his credibility.
Despite ending direct sponsorships, Armstrong continued pushing tokens that his company had invested in, raising questions about transparency. Some watchers argue that his massive platform inherently influenced token prices—no matter his disclaimers. He also once joined forces with a crypto gambling site called Stake, reportedly earning significant monthly fees. Many fans supported him, but critics argued that an influencer lacking formal financial credentials should not be doling out high-stakes trading advice, especially in an unpredictable market.
Armstrong navigated legal troubles, too. He was named as one of several defendants in a $1 billion lawsuit against crypto influencers who had promoted the FTX exchange, though he was later dropped from that litigation. Then came a flood of new allegations tied to his ouster from BitBoy Crypto’s parent company. The gravity of these recent disputes cast doubt on how well the influencer was managing his personal demons, finances, and relationships.
Mounting Accusations, Drug Use, and the Affair
By 2023, multiple factors signaled Armstrong’s empire was in jeopardy. The bull market that had boosted his public image was turning south, leaving many who had taken his bullish advice with heavy losses. Meanwhile, rumors swirled about alleged drug use. Former colleagues publicly stated Armstrong had been abusing substances, including steroids, fueling what they described as “erratic behavior” and episodes of “’roid rage.” HIT Network, the parent company behind BitBoy Crypto, finally announced in August 2023 that it had dismissed Armstrong for alleged “substance abuse” and “financial harm” to the company.
Armstrong responded with online tirades, accusing business partners of orchestrating a coup. He singled out his longtime collaborator, CEO Timothy Shedd, who had once called him “a brother.” In a lawsuit, Armstrong further claimed Shedd and others had tried to force him out illegally. Shedd, in turn, alleged Armstrong had been diverting thousands of dollars a month to an extramarital partner, hiring her without proper vetting, and stealing digital assets from the company.
All the while, Armstrong’s personal life was unraveling. In October 2023, he confirmed his separation from Bethany Armstrong, stating he had pursued an affair with a woman known on social media as @DuchessOfDeFi, or Cassandra Wolfe. Wolfe had worked at the BitBoy Crypto channel and was now affiliated with Armstrong’s newly formed BEN Coin Collective. The affair sent shockwaves through Armstrong’s fan community, undermining his self-fashioned image as a family man. Though some supporters stood by him, others saw this as another chapter in a string of reckless decisions.
Lawsuits, Lamborghini Disputes, and Public Spectacles
With Armstrong’s hold on his own brand slipping, he ratcheted up his battles both online and in court. He filed lawsuits against Shedd and other former associates at Hit Network, alleging racketeering and extortion. One high-profile dispute centered on a silver Lamborghini Huracán Performante, worth around $350,000, which Armstrong had long flaunted as the ultimate “crypto flex.”
Armstrong argued that the supercar belonged to him personally, while his ex-colleagues maintained that the funds for the vehicle had originated from company accounts. At one point, a crypto investor named Carlos Diaz requested Armstrong transfer the car’s title to recoup funds lost in an investment. Armstrong signed over ownership, claiming Diaz threatened him. Later, Armstrong appeared in a Walmart parking lot for the official handover, describing the event tearfully on social media. When a judge heard the case in late 2023, the court ruled against Armstrong, stating evidence suggested the Lamborghini was a “company car,” not a personal asset. Armstrong left the courtroom calling the judge’s decision “corrupt.”
The Lamborghini saga reached an even more dramatic turn in September 2023. Armstrong showed up outside Diaz’s home with a livestream camera rolling, calling Diaz an “extortionist.” When law enforcement arrived, they discovered Armstrong had a firearm in his car. Police then took him into custody. Within hours, Armstrong posted $2,600 bail and was released. Video footage of the arrest—featuring Armstrong in a sleeveless shirt, railing against those he believed had wronged him—quickly circulated across social media.
The Collapse of ‘BitBoy Crypto’ and a Forced Rebrand
Days after Armstrong’s arrest, his former company moved swiftly to distance itself from his downfall. Hit Network announced a rebrand of the BitBoy Crypto channel into a new platform called Discover Crypto. A public statement explained the name change was “more than a rebrand,” adding that the organization sought to put the chaotic saga behind it and focus on “educational content that moves the industry forward.”
Discover Crypto retained the original subscriber base, but it replaced Armstrong’s daily on-camera presence with a rotating team of hosts. CEO Shedd said the new format aimed to build trust and limit the spectacle that had defined BitBoy’s final months. Critics asked whether the rebrand could repair the damage left by Armstrong’s alleged misconduct, given the original channel’s deep association with him.
Armstrong, for his part, launched a smaller YouTube channel, “Ben Armstrong Crypto,” which had just over 80,000 subscribers by early 2024—far fewer than the 1.5 million he once commanded. He insisted he was still determined to “save crypto” in the United States and described himself in social media posts as a misunderstood figure. On multiple occasions, he blamed the meltdown on “terrorists” out to destroy him.
Financial Strains and Crowd-Funded Legal Costs
Even as controversies raged, Armstrong cited severe financial difficulties. He claimed to have lost access to millions of dollars in assets once the Hit Network dispute escalated. In an October 2023 video, he asked his followers to donate to a crypto wallet to help fund his legal battles. Within three days, supporters reportedly contributed more than $150,000. Detractors viewed the fundraiser as further proof that Armstrong was manipulating his base for financial gain. Armstrong responded that he was “out of options” and determined to defend his rights in court.
By this point, Armstrong’s net worth was subject to intense speculation. Early estimates placed it between $20 million and $30 million at the market’s height. But the combination of the crypto bear market, the potential freeze of company-controlled funds, and alleged reckless spending sprees all fueled questions about how much he truly held. Armstrong also claimed he was exploring moves to Dubai for its favorable crypto environment, but the plan never materialized once he was removed from Hit Network.
Questions of Accountability
Armstrong’s self-portrayal as both victim and hero resonates with some fans, who highlight his critiques of big industry players like Sam Bankman-Fried and FTX. He famously traveled to the Bahamas before FTX’s collapse, claiming he tried to expose wrongdoing there. Others point to Armstrong’s push for greater adoption of Bitcoin as a genuine attempt to demystify digital assets. Yet even many longtime supporters were disillusioned by the repeated episodes of questionable promotions, personal misconduct, and legal spats.
Industry commentators note that Armstrong’s downfall reflects crypto’s structural challenges. Because digital asset markets often rely on hype, they attract loud personalities who double as unregulated investment gurus. Armstrong’s story offers a window into how quickly fortunes can change when those personalities engage in questionable projects or public meltdowns.
Meanwhile, critics who once railed against him find some vindication in the ongoing turmoil. Anonymously run channels and on-chain investigators had accused Armstrong for years of profiteering, failing to disclose sponsorships, and influencing market prices with sensationalistic coverage. Still, the scale of Armstrong’s meltdown—marked by an affair, an arrest, and public claims of extortion—has overshadowed typical influencer squabbles.
Where is he Now?
As the dust settles, Armstrong’s legal battles continue on multiple fronts. His divorce from Bethany Armstrong remains in progress, with the potential for a forensic accountant to unpack exactly where his crypto holdings lie. His new platform, Ben Armstrong Crypto, is running at a fraction of the influence he once held, hampered by swirling controversies over the destroyed partnership with Hit Network. Carlos Diaz retains the Lamborghini, court rulings stand, and the brand that Armstrong founded has systematically rebranded to move away from BitBoy Crypto’s chaos.
For many in the crypto community, Armstrong’s story raises pressing questions about influencer accountability and the blurred lines between entertainment, financial advice, and genuine education. The next chapter could see a contested trial, more revelations of internal power struggles, and possible attempts at reestablishing Armstrong’s reputation in the shifting space of digital assets. If nothing else, this saga underscores how the spotlight on crypto influencers can quickly shift from adulation to scandal—and how fortunes in this industry can be built and dismantled in the blink of an eye.
