Cryptocurrency influencer Ben Armstrong has filed a lawsuit towards two Hit Community staff for ousting him from the corporate he based.
The founding father of BitBoy Crypto filed the lawsuit in Georgia, USA, naming Hit Community CEO Timothy ‘TJ’ Shedd Jr., his father Timothy Shedd Sr., and TJSJ Holdings as defendants, based on Decrypt, citing the swimsuit filed on August 30, retracted, and refiled on September 12.
Armstrong and BJ Funding Holdings (BJIH) have been named as plaintiffs.
BJIH is the mum or dad firm of Hit Community and the YouTube channel previously known as Bitboy Crypto, now Uncover Crypto.
In keeping with the swimsuit, Armstrong totally owns the company entity known as Higher Than TJ LLC, which controls the bulk – or 67% – of the shares in BJIH. In the meantime, TJSJ owns 33%.
Due to this fact, the plaintiffs argue that the defendants stole the corporate.
The submitting alleges that the father-son duo locked Armstrong out of e mail and social media accounts; that they “started conspiring to steal the corporate” from its founder a number of months in the past; that they’re “misappropriating, diverting, changing, and losing” the corporate’s funds, utilizing the belongings for private achieve; and that they dedicated fraud.
The swimsuit reportedly confirmed that the corporate brings in some $1 million in advert income each month.
In late August, Armstrong introduced his departure, stating that “TJ Shedd & Justin Williams have tried a coup at my firm.”
Per an announcement from BitBoy Crypto shared on the time, “BJ Funding Holdings, the mum or dad firm of Hit community, took decisive authorized motion in eradicating Ben Armstrong from the corporate.”
BitBoy Crypto is Hit Community’s hottest model. It was promptly renamed.
It has been unclear why these occasions occurred, however CEO TJ Shedd claimed that there was “emotional, bodily and monetary injury” brought on by Armstrong to Hit and the group.
Decrypt cited a replica of the August 25 termination letter, claiming that Armstrong bodily assaulted and verbally abused staff, together with TJ Shedd, and that he was beneath the affect of “unlawful substances and steroids.”
Per the report, the swimsuit doesn’t handle the allegation, whereas Armstrong denied bodily violence and laborious medicine use in a recorded telephone name.
In the meantime, in Might this yr, Armstrong launched BEN, the governance token for Bitboy’s decentralized autonomous group tagged Ben DAO.
The influencer claimed the token was created by one other social gathering on behalf of “a gaggle I am.” In his phrases, that DAO was made up of “all of the vital Bens in crypto.”
On Wednesday morning (UTC), BEN was buying and selling at $0.000000021642, down practically 10% in 24 hours and 44% in a month.
BEN value chart:
Cryptonews has reached out to Armstrong and Shedd for remark.
Be taught extra:
– Ben Armstrong’s Departure from BitBoy Crypto Sends Shockwaves Via the Crypto Group
– How BitBoy Predicted The Collapse Of FTX
– Crypto Influencer BitBoy Flies to Bahamas to Discover Sam Bankman-Fried
– Can I Create My Personal Cryptocurrency?