The crypto scene faced a tremor recently with the renowned ‘BitBoy Crypto’ brand deciding to no longer affiliate itself with popular YouTuber Ben Armstrong. With a substantial reach of over 3.3 million followers, the brand’s decision is undeniably sending ripples across the cryptosphere. Reasons for this separation were cited as issues concerning Armstrong’s substance abuse and accusations of incurred emotional, physical, and financial damage to Hit network employees and others in the crypto space.
Armstrong was no stranger to controversy in the past. A class-action lawsuit implicated him and other influencers for promoting FTX without disclosing their compensation from the exchange. In addition, Armstrong’s behavior in court and his derogatory remarks against authority figures such as Gary Gensler, the United States Securities and Exchange Commission Chair, and Christine Lagarde, the President of the European Central Bank, sparked widespread criticism.
Despite this, several followers supported Armstrong post the public announcement, leaving a big question mark over the ‘BitBoy Crypto’ brand’s future in his absence. Since its creation in February 2018, the brand had garnered a massive following and engaged a broad audience.
This incident raises the question of whether Armstrong’s legal challenges contributed to the company’s decision to sever ties. After the FTX collapse, authorities worldwide are indeed scrutinizing crypto influencers for promoting potentially fraudulent projects. However, this episode has left the crypto world pondering whether a brand can indeed function without its key figure.
Moreover, it also highlights the pressing issue of the harmful implications influencers can have on their followers. Can one person’s actions affect the credibility and image of a whole brand? Can a brand indeed separate itself from its founding public figure? This is a new era in branding within the world of crypto, and as it unfolds, we can only keenly monitor the developments and learn from them.
Source: Cointelegraph
