Crypto Content Creator 'Bitboy' Ben Armstrong Sues Former Colleagues at Hit Network
Cryptocurrency influencer Ben Armstrong has filed a lawsuit against two Hit Network employees for ousting him from the company he founded.
The founder of BitBoy Crypto filed the lawsuit in Georgia, USA, naming Hit Network CEO Timothy 'TJ' Shedd Jr., his father Timothy Shedd Sr., and TJSJ Holdings as defendants, according to Decrypt, citing the suit filed on August 30, retracted, and refiled on September 12.
Armstrong and BJ Investment Holdings (BJIH) were named as plaintiffs.
BJIH is the parent company of Hit Network and the YouTube channel formerly called Bitboy Crypto, now Discover Crypto.
According to the suit, Armstrong fully owns the corporate entity called Better Than TJ LLC, which controls the majority - or 67% - of the shares in BJIH. Meanwhile, TJSJ owns 33%.
Therefore, the plaintiffs argue that the defendants stole the company.
The filing alleges that the father-son duo locked Armstrong out of email and social media accounts; that they "began conspiring to steal the company" from its founder a few months ago; that they are "misappropriating, diverting, converting, and wasting" the company’s funds, using the assets for personal gain; and that they committed fraud.
The suit reportedly showed that the company brings in some $1 million in ad revenue every month.
In late August, Armstrong announced his departure, stating that "TJ Shedd & Justin Williams have attempted a coup at my company."
Per an announcement from BitBoy Crypto shared at the time, "BJ Investment Holdings, the parent company of Hit network, took decisive legal action in removing Ben Armstrong from the company."
BitBoy Crypto is Hit Network's most popular brand. It was promptly renamed.
It has been unclear why these events occurred, but CEO TJ Shedd claimed
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