BitBoy Ben Armstrong Arrest in Georgia Leads to $BEN Token Price Freefall

Crypto influencer Ben Armstrong, previously recognized as “BitBoy,” has reportedly been taken into custody while conducting a livestream outside the residence of Carlos Diaz, a former business partner. Mr. Armstrong alleges that Mr. Diaz is currently in possession of his Lamborghini.

Prior to commencing his YouTube livestream, Mr. Armstrong informed his audience that he would be “going live soon from a very special location.”

Armstrong commenced a livestream from the residence of consultant and nonfungible token investor, Carlos Diaz, who is believed to have associations with the Hit Network.

During the livestream, Armstrong launched into a tirade, making allegations that Diaz harbored intentions of causing harm to him and asserting that Diaz had affiliations with the Houston mafia.

Approximately 19 minutes into the livestream, local law enforcement officials arrived on the scene and proceeded to inquire if Armstrong was in possession of a weapon, to which he responded in the negative.

Subsequently, Armstrong received an order to set down his phone, resulting in a blank stream for the subsequent 17 minutes. However, audio recordings continued to capture the ongoing conversation between Armstrong and the attending police officers.

Local sources have provided clarification regarding the events preceding Armstrong’s arrest. According to reports, Armstrong engaged in a confrontation with a former business partner, which centered around a Lamborghini. Notably, this altercation did not remain private, as Armstrong chose to live-stream a portion of the incident on Twitter.

On Monday, September 25, the Gwinnett County police in Georgia took Armstrong into custody. However, the circumstances surrounding his arrest appear to be more complex than a mere confrontation. WhaleWire, a source specializing in such matters, has brought attention to the fact that Armstrong was not only in possession of a firearm during the altercation but was also under the influence of narcotics. The situation escalated further when law enforcement authorities discovered illegal narcotics within his vehicle.

The incident had an immediate impact on the cryptocurrency market, particularly with regard to the value of the BEN token. Within the 24 hours following the arrest, the BEN token witnessed a significant depreciation, experiencing a 20.64% decline in value.

In late August, the Hit Network, the entity overseeing the “BitBoy Crypto” brand, decided to sever its association with Ben Armstrong, the public face of the brand. This decision was made in response to concerns related to substance abuse and financial harm inflicted upon employees.

Subsequently, several lawsuits were initiated and subsequently withdrawn by different parties connected to the situation. Armstrong’s appeal for financial support on September 20 to aid in addressing his legal challenges garnered significant attention and stirred controversy within the cryptocurrency community.