The Collapse of Ben Armstrong: How a Crypto Influencer Hit Financial Crisis

Ben Armstrong, once a celebrated figure in the cryptocurrency space, faces mounting legal troubles and financial strain that forced him to shut down his daily livestream in early 2024. The crypto influencer disclosed he was hemorrhaging $25,000 weekly to produce his shows and spending approximately $100,000 monthly on legal expenses. In an emotional public statement, Armstrong revealed the harsh reality: “We’re barely making it out here, guys. We’ve got lawyers coming at me from every angle.”

The financial pressures represent a dramatic reversal for someone who built a massive following with brash confidence and market predictions. Armstrong’s journey in the crypto world offers a cautionary tale about the volatility of internet-based celebrity and influence within the digital asset industry.

From BitBoy Icon to Controversial Figure

Armstrong initially gained prominence as “BitBoy,” a high-profile crypto commentator known for polished, attention-grabbing content. From 2018 onwards, his channel published price prediction videos with headlines designed to attract eyeballs—material that resonated with retail traders seeking both information and entertainment. His community grew substantially, with content regularly pulling tens of thousands of views. The influence seemed boundless, culminating in Armstrong’s decision to launch his own cryptocurrency token, $BEN coin, in mid-2023.

Yet the success proved short-lived. Armstrong was removed from the BitBoy brand shortly after the token launch amid “serious and personal allegations,” according to Decrypt. What followed was a cascade of controversies: Armstrong subsequently sued the company controlling the BitBoy brand, revelations emerged about an affair with the BEN Coin CEO, and he was arrested at a former business partner’s residence—events that unfolded during a livestream, amplifying the public spectacle.

The Legal Onslaught and Financial Pressure

The legal battles have become Armstrong’s defining challenge. Multiple lawsuits and disputes have created an expensive legal burden that renders his daily streaming operation financially unsustainable. At roughly $100,000 monthly in legal fees alone, combined with the $25,000 weekly production costs, Armstrong found himself in an untenable position.

His decision to halt the daily shows after three years represents not just a career pivot but an acknowledgment that the influencer-driven crypto commentary model cannot withstand serious legal or reputational challenges. For someone whose entire brand was built on constant visibility and daily market commentary, stepping away signals genuine financial desperation rather than strategic repositioning.

Broader Implications for the Crypto Community

Armstrong’s downfall raises uncomfortable questions about the sustainability of crypto influencer culture. The industry has historically relied on charismatic figures to drive engagement and shape retail investor behavior—yet these personalities often lack institutional backing or diversified income streams to weather scandals. When legal trouble strikes, the entire business model crumbles.

The parallels to broader crypto industry instability became evident in other crises. Blockfills, a crypto lending platform that processed over $60 billion in trading volume during 2025, faced its own collapse. The platform’s CEO Nicholas Hammer stepped down, and clients were encouraged to withdraw assets before the platform froze deposits in February 2025—a reminder that cryptocurrency remains vulnerable to sudden institutional failures.

Lessons from Ben Armstrong’s Crypto Journey

Armstrong’s case demonstrates that even dominant influencers cannot insulate themselves from the legal and reputational risks inherent in the crypto space. His situation underscores why many in the crypto community now emphasize the need for more transparent, institutional-grade information sources rather than relying on individual personalities whose judgment can be clouded by personal interests or poor decision-making.

As the cryptocurrency industry matures, the era of unchecked influencer dominance may be waning—replaced by a more skeptical approach to individual crypto commentators and their market predictions.