The Spectacular Downfall of Crypto’s BitBoy

Table of Contents

• TLDR

Ben Armstrong, better known by his online persona “BitBoy,” was once the biggest name in cryptocurrency on YouTube. With his trademark green Gucci tracksuits and brazen confidence, BitBoy attracted over 1 million followers, promising crypto would make them all rich.

But today his empire lies in ruins – his wealth erased, his company ousted him, and his wife filed for divorce. Armstrong blames conspirators and terrorists, but lawsuits portray him as the villain.

TLDR

• Ben Armstrong, known as “BitBoy,” was once a famous crypto YouTuber who advocated for digital currencies
• He claims he once had $40 million in crypto but has now lost his wealth and companies
• His wife filed for divorce after accusations emerged that he was having an affair and transferring company funds to his mistress
• Armstrong is facing lawsuits accusing him of workplace violence, sexual harassment, steroid abuse, and throwing protein shake bottles at staff
• He claims he has been the victim of a “criminal conspiracy” and “terrorists” who took over his YouTube channel

Armstrong started small – a recovering meth addict who later found purpose advocating for cryptocurrency. His channel took off in the pandemic as droves of bored amateurs plunged savings into “meme coins” on BitBoy’s advice. He upgraded to a slick studio, hired staff, and flaunted his crypto wealth with a $350,000 silver Lamborghini. At crypto’s peak, Armstrong claims he had $40 million.

But the good times warped Armstrong, colleagues say. The family man disappeared, replaced by a Lambo-obsessed parody of a crypto bro conducting an affair with Cassandra Wolfe, known as the “Duchess of DeFi.” Armstrong allegedly funneled her tens of thousands of dollars monthly from his company.

Ben Armstrong Crypto X is powered by… pic.twitter.com/10Ljg0trSj

— Ben Armstrong (@BenArmstrongsX) February 3, 2024

In August 2022, T.J. Shedd – Armstrong’s business partner – activated a clause allowing him to seize control of their company, HIT Network. Shedd accused Armstrong of stealing funds and NFTs to pay Wolfe. Employees emerged alleging Armstrong physically and sexually harassed them and abused steroids. Armstrong denies this, but the scandals exploded.

Armstrong tried relaunching on YouTube, but views tanked. His wife filed for divorce in October 2022. Crypto crashed, savaging Armstrong’s wealth. He lost a court battle in December 2022 against Carlos Diaz, a fan who Armstrong claims “stole” his Lamborghini through extortion. The judge ruled Armstrong failed to prove the car was his.

Today the once-invincible BitBoy is reduced to peddling conspiracy theories online, vowing a comeback amidst the wreckage of broken laws, trusts and marriages.

Armstrong’s trajectory traces crypto’s own visionary rise and ignoble fall – from its lofty ambitions of wealth and freedom to the sordid reality of greed, deceit and loss. For Armstrong, Shedd and countless others, the crypto dream soured painfully to a disillusioned, recriminatory awakening.

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