The Commodity Futures Trading Commission (CFTC) is investigating potential cryptocurrency fraud linked to 15 tokens, including the BEN memecoin associated with controversial YouTuber Ben “BitBoy” Armstrong.
The investigation was sparked by a subpoena issued to Hit Network, Armstrong’s former company, on July 16th. The CFTC is seeking information on trading activity and digital wallets related to these tokens.
Armstrong has previously promoted 14 of the 15 tokens in his YouTube videos, often touting them as lucrative investment opportunities. While he has admitted to accidentally promoting crypto scams, the CFTC is looking into whether fraudulent activity occurred.
The subpoena comes amid a tumultuous period for Armstrong. He was fired from Hit Network last year following allegations of substance abuse and is currently embroiled in legal disputes with the company.
Interestingly, Armstrong has welcomed the CFTC investigation, claiming it will expose the alleged betrayals of his former colleagues.