15 token-related fraud investigation from CFTC
The US Commodity Futures Commission (CFTC) is conducting a fraud investigation associated with 15 tokens, including meme coin BEN.
The US Commodity Futures Commission (CFTC) sent a subpoena to the media company Hit Network which is the face of the American crypto phenomenon Ben Armstrong, also known as "BitBoy".
According to the news of The Block the institution requests information about trading transactions and digital wallets associated with 15 different tokens.
The submitted paper states that this is part of an investigation into people who commit fraud through digital currencies.
It was determined that Armstrong included all the aforementioned tokens in various videos. One of them is Membrana (MBN), which he said in a YouTube video he published,had the potential to increase his price 100 times. Another token was the meme coin BEN. No information was given on which of the other tokens were available. On the other hand, it was noted in the subpoena that there was no reference to Armstrong.
Armstrong, in August 2023, after allegations that he was addicted to drugs, Hit Network CEO T. J. He had been sacked by Shedd. The crypto phenomenon denied the claim that it used heavy drugs while admitting to taking diet pills and steroids.
Armstrong was detained and released for going to his former business partner's house to take back a Lamborghini vehicle, which he claimed belonged to belong to him, after leaving the company.
Armstrong, who sued the Hit Network, said that he was extremely happy in a statement after sending a subpoena to the company. Armstrong said, âFor over a year, all I wanted was for people to listen to me. Everyone in this industry turned their backs on me. And now, many of these people will start to feel the weight of their betrayal,â he said.
While under the umbrella of the Hit Network, Armstrong was regularly preparing YouTube videos in which he gave token suggestions, saying that he would enrich his audience. He admitted that he made these videos by charging for fake projects.
