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BEN token is plunging following the arrest of the renowned crypto influencer Ben Armstrong, popularly known as “Ben BitBoy.” Armstrong was arrested following a live-streamed altercation with his former business partner. The incident unfolded on X, formerly known as Twitter, as Armstrong confronted Carlos Diaz, a former associate with ties to the HIT Network.

In a surprising turn of events, Armstrong’s YouTube livestream revealed that he was armed, carrying a loaded weapon in the backseat of his car while accompanied by another individual. Prior to the livestream, Armstrong had cryptically teased his audience about broadcasting from a “very special location.”

I’ll be going live soon from a very special location on YouTube so get ready this is going to be good

Less than an hour later, Armstrong was broadcasting live from the residence of Carlos Diaz, a consultant and NFT investor connected to the HIT Network. During the stream, Armstrong accused Diaz of wanting to harm him and alleged links to the Houston mafia, exclaiming, “I’m not scared of you, Carlos.”

The entire insane 37-minute #bitboy stream starting from Carlo's driveway (him on his property) to him ending the stream. @HitNetwork_ @NickDimondi Insane! #crypto @AltcoinDailyio @cryptoblood_ @CryptoSavy1 @atozy pic.twitter.com/3YSd3pRLIm

Around the 19-minute mark, local law enforcement arrived at the scene and questioned Armstrong about the presence of a weapon, which he initially denied. Subsequently, Armstrong was instructed to put down his phone, leading to a 17-minute blackout on the livestream, though audio revealed ongoing discussions between Armstrong and the police officers.

According to records from the Gwinnett County, Georgia, Sheriff’s Office, a person identified as Benjamin Charles Armstrong was arrested on September 25 and remained in custody.

Carlos Diaz confirmed Armstrong’s visit to his residence on September 26. The ongoing controversy surrounding Armstrong began when the HIT Network, the entity behind the “BitBoy Crypto” brand, severed ties with him due to concerns related to substance abuse and financial harm to employees. Several lawsuits have emerged in the aftermath, with Armstrong even soliciting donations on September 20 to fund his legal battles, sparking reactions within the crypto community.

In a separate development, BEN token, introduced by Armstrong earlier in the year to promote crypto adoption, experienced a significant 21% drop in value as news of his arrest circulated on Tuesday.

Armstrong’s removal from BitBoy Crypto in August through a unanimous decision by the company’s management likely played a pivotal role in the events leading to his arrest.

The unfolding drama surrounding Ben Armstrong continues to captivate the crypto community, with consequences rippling across various facets of the industry, including the fate of the BEN token.

The post Crypto influencer Ben Armstrong arrested, BEN token plunges appeared first on Invezz.

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