The expression “From Hero to Zero” is used when someone who rises high only to end up at the bottom, usually after a turbulent fall. A recent example of such a case is the influencer Ben Armstrong, widely known as BitBoy Crypto.
The headlines started to circulate on August 28th on YouTube and social media when a representative from the Hit Network, a company founded by Ben Armstrong, announced his departure.
According to the statement, the decision was made after attempts to help Armstrong during his struggle with substance abuse.
The representative expressed regret over the end of their business partnership. However, it seemed inevitable, as Armstrong had caused emotional, physical, and financial harm to Hit Network employees.
Armstrong denied these allegations on his former Twitter account, describing the actions of his former employees and colleagues as an illegal coup.
Yesterday, in a more recent message, he painted a bleak picture of his life, pleading for financial assistance from his supporters.
He claimed that Hit Network, apart from the “BitBoy Crypto” brand, took all his money. This is why he is seeking legal support from his followers, urging those who ever benefited from his content to donate to his legal fund.
We don’t know how much Ben expected to raise through these donations, but within the first 5 hours, he managed to collect $50,000.
The truth is, BitBoy wasn’t a saint. He had repeatedly promoted various crypto projects on his YouTube channel that were at least controversial, if not outright suspicious. He had millions of followers.
The Rise and Fall
Ben Armstrong began his professional career as a concert ticket salesman.
In 2012, he made his first investment in Bitcoin when it was worth $5-10. Initially, he had no knowledge of cryptocurrencies and treated the market more like gambling. However, as he started making money, he became interested in the space and explored its potential.
In 2018, he had the inspiration to create a YouTube channel. He quit his previous job and started focusing on it full-time, sharing his knowledge and some insider information about crypto.
Soon, his channel became one of the most popular in the field. People were eager to hear his opinions, especially after his successful prediction of the end of the bear market in 2018. His popularity grew, and he started receiving invitations to speak at conferences.
However, it was widely known in the crypto community that he didn’t put much effort into researching the quality of the projects he promoted on his channel.
He seemed more interested in getting paid. As a result, his audience consisted mainly of newcomers and gamblers who knew that what he advertised was of low quality but bet on the bullish trends of the projects he promoted due to the large number of people he influenced to buy.
How did Ben Armstrong fall so far?
Six months ago, a group of investors from his company sued him, alleging that he promoted the questionable FTX exchange without disclosing the money he received. The legal decision on this charge is still pending.
BitBoy had enemies, and probably not unjustifiably, considering that many people lost money following his recommendations for projects that turned out to be scams.
Their only business plan was to make money from gullible individuals. Because of all this, his reputation was tarnished, and he had to stop promoting various projects for months. So, his firing from the company was likely not solely due to this.
The most probable reason is that he frequently used illegal and addictive substances, a passion from which he couldn’t free himself. This caused him both financial and psychological damage.
How can we be sure that these allegations are true? Because Ben himself admitted it, apologizing to the company’s executives. Or rather, his former company.
In a video, with his wife by his side, he admitted that he often acted recklessly. The substances he consumed didn’t help him perform better in the end, as he had hoped. He promised them that he would seek the help he needed. But from what the events show, he didn’t follow through on that promise, or his efforts weren’t enough to overcome his self-destructive tendencies.
It’s not clear whether Armstrong’s legal troubles contributed to his former colleagues’ decision to sever ties with him. It’s not unlikely, as many regulatory authorities worldwide are targeting crypto influencers who promoted FTX.
Will the company have a future without BitBoy Crypto? It’s challenging, as he was the recognizable face and strong personality with 3.3 million followers. Regardless, we will find out soon.
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