Cryptocurrency influencer Ben Armstrong, known as ‘Bitboy,’ has initiated legal action against two employees of the Hit Network, the company he founded. Armstrong filed the lawsuit in Georgia, USA, naming Hit Network CEO Timothy ‘TJ’ Shedd Jr., his father Timothy Shedd Sr., and TJSJ Holdings as defendants. BJ Investment Holdings (BJIH), the parent company of Hit Network and the former Bitboy Crypto YouTube channel (now Discover Crypto), also serves as a plaintiff in the lawsuit.
The lawsuit alleges that Armstrong fully owns Better Than TJ LLC, the corporate entity controlling 67% of BJIH’s shares, with TJSJ owning the remaining 33%. The plaintiffs assert that the defendants unlawfully took control of the company. They accuse the Shedd father-son duo of locking Armstrong out of email and social media accounts, conspiring to seize the company, misappropriating company funds for personal gain, and committing fraud. The suit suggests that the company generates approximately $1 million in monthly ad revenue.
Actually, the two defendants will be paying it personally since oh yea duh… Hit Network is my company too. I literally own 67% of every company I created. Which is all the companies. https://t.co/9T2JAWglOi
— Ben Armstrong (@BenArmstrongsX) September 13, 2023
In August, Armstrong announced his departure from BitBoy Crypto, which was subsequently renamed Discover Crypto. The reasons for his departure remain unclear, but the lawsuit does not address allegations made against Armstrong, including claims of physical assault and substance abuse. Armstrong had previously launched BEN, a governance token for the Ben DAO, earlier in the year, which he stated was created by a group he was part of, consisting of influential figures named Ben in the crypto industry.