The U.S. Commodity Futures Trading Commission (CFTC) has issued a subpoena to Hit Network, the former media company of crypto influencer Ben “BitBoy” Armstrong, as part of a fraud investigation tied to the promotion and trading of various tokens, including the BEN memecoin. According to reporting based on the subpoena, served around July 16, the CFTC is seeking detailed information on trading activity, associated digital wallets, and promotional content for about 15 tokens, several of which were featured in Armstrong’s past YouTube videos. The subpoena states that it forms part of an investigation into individuals suspected of engaging in fraudulent conduct involving digital assets, though it does not name Armstrong directly. Nonetheless, media reports note that Armstrong had promoted 14 of the 15 tokens before Hit Network’s formation and later became closely associated with the BEN token, which is explicitly referenced in the CFTC’s information request. Armstrong has publicly framed the subpoena as supporting his claims against Hit Network, alleging that the company’s team attempted to manipulate BEN’s price by buying and selling large quantities to control its market behavior. The action underscores growing U.S. regulatory scrutiny of crypto promotion, memecoins, and influencer-led token campaigns, particularly where there are allegations of undisclosed conflicts of interest or market manipulation.

AI-generated background, compiled from web sources — not editorial content.

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