Ben ‘Bitboy’ Armstrong, an influencer and cryptocurrency promoter, recently faced legal action in the form of being formally served by the courts on April 5, due to alleged harassment of lawyers involved in the FTX class action lawsuit. The lawsuit names Armstrong as one of the eight influencers who promoted FTX without disclosing all relevant information. Since the suit, Armstrong is claimed to have made contact with one of the lawyers, Adam Moskowitz, using emails, social media and phone calls. In one of the recorded phone call, Armstrong made an alarming statement, warning Moskowitz that "First Amendment protesters" would be outside his house 24/7. The lawyers have now requested a hearing to address the issues, and furthermore, requested a hearing in connection to another class action lawsuit involving Changpeng Zhao and Binance, who are also accused of promoting unregistered securities.

Armstrong is also known for having sued YouTuber Atozy in August 2021, following the release of a video claiming he promotes scams. The suit was dropped after media coverage, however, the exact details remain unknown.

The severity of the accusations against Armstrong are clear, even without a court hearing. Whatever the outcome of the court proceedings may be, this case serves as a warning for all influencers and financial advisors: you must take responsibility for the information and products you promote.

The power of cryptocurrency and decentralized investments should not be underestimated and people should always stay informed of the potential risks they are taking with their investments. Investigations as such highlight the importance of robust regulation and indicate the need for investors to always stay informed when entering into high-risk investments such as crypto assets.



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