Written by 1:46 pm Cryptocurrency

YouTubers to engage in legal battle over a cryptocurrency scam video

YouTube content creators will engage themselves in a legal battle over a cryptocurrency video which showed a project that resulted in being a scam, according to Cointelegraph.

As stated by Cointelegraph, Bitboy Crypto, a YouTube channel founded by Ben Armstrong, produces a range of content around cryptocurrency news, tokens, projects, trading advice, among others. Since its incorporation in February, 2018, the channel has more than 1.4 million subscribers. The channel focuses on news pieces and trading-oriented videos. While the motive behind these videos is to offer trading advice, the channel states that Armstrong is not a professional advisor in business areas concerning finance, cryptocurrency, taxation, securities and commodities trading. 

On the basis of information by Cointelegraph, BitBoy Crypto has received criticism from the extended cryptocurrency community with regard to deceiving viewers about various tokens and projects. An incident involving comments posted by another YouTuber on a BitBoy video from 2020 has led Armstrong to seek legal recourse. Erling Menshoel Jr, known by his YouTube channel name Atozy, saw a now-deleted video on the BitBoy channel and his promotion of a project called Pamp Network token in 2020. As per CoinGecko’s data, PAMP tokens are worth fractions of a dollar, down from all-time highs of $2.73 in July, 2020. 

Moreover, Armstrong filed a federal complaint against Mengshoel in the US District Court for the Northern District of Georgia, Atlanta, with claims such as defamation, infliction of emotional distress and interference with business relations or potential business relations. Since then, Mengshoel has started a GoFundMe account to pay for the lawsuit against Armstrong, where damages and legal fees are worth $75,000. Within 24 hours of its launch, the GoFundMe account received more than $20,000, with over 450 people contributing to it. The publication has asked concerned parties for comments on the matter.

(With insights from Cointelegraph)

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