A fresh development in the crypto space has left many heads spinning as Ben Armstrong, the founder of BitBoy Crypto, got tangled in a lawsuit against two employees of the Hit Network, a company he himself originated. Armstrong filed the lawsuit in Georgia, US, accusing Hit Network CEO Timothy ‘TJ’ Shedd Jr., his father Timothy Shedd Sr., and TJSJ Holdings of manoeuvring him out of the very company he created.
The intricate legal wrangle involves Armstrong and BJ Investment Holdings (BJIH) – the parent company of Hit Network and the YouTube channel earlier christened as Bitboy Crypto, but now known as Discover Crypto – as plaintiffs. The lawsuit puts forward that Armstrong owns the corporate entity Better Than TJ LLC, which in turn controls 67% of the shares in BJIH, leaving 33% under TJSJ’s control. Consequently, Armstrong maintains that the defendants have in essence absconded with the company.
The legal documents lament a twisty series of events, alleging that the father and son duo have blocked Armstrong’s access to email and social media accounts, misappropriated company funds for personal use, and defrauded the company. Revelations in the suit paint a picture of a robust company, claiming to generate approximately $1 million in ad revenue every month.
The entire episode kicked off with Armstrong’s dramatic departure at the end of August, calling out TJ Shedd and Justin Williams for staging a coup in his company. While the departure came as a surprise to many, The sudden rebranding of BitBoy Crypto, Hit Network’s most popular alias, only deepened the mystery. Shedd justified the turbulent course of action, attributing it to “emotional, physical and financial damage” inflicted by Armstrong.
Amid throes of bitter dispute, many allegations have arisen concerning Armstrong, including that of physical assault and verbal abuse towards employees, including Shedd. While Armstrong has vehemently denied these allegations, the veracity of these claims remains uncertain.
Interestingly, Armstrong had previously introduced BEN, a governance token for the decentralized autonomous community dubbed Ben DAO in May this year. The token, Armstrong claims, was created on the behalf of “a group I’m with,” composed of key players named Ben in the crypto sphere. Presently, with Armstrong’s legal debacle as a backdrop, the token is experiencing a drop in value, standing at a trading rate of just $0.000000021642, marking a slip of almost 10% in the past 24 hours and a hefty 44% within the past month.
In this time of uncertainty, the crypto community eagerly awaits for comments from both Armstrong and the Shedds, while the dust raised by this abrupt disturbance begins to settle.
Source: Cryptonews
