Ben Armstrong, popularly known as Bitboy, has been embroiled in a lawsuit with his former associates from HIT Network. He recently shared an XRP address to request donations from his teeming followers on X (formerly Twitter).
What raised concern about the donation is the whopping amount in USD currently held in the wallet shared by Bitboy. At the time of writing, the wallet is holding 161,757,101 XRP worth relatively $82 million.
The fact that he’s currently holding such a whopping amount of XRP and needed the community’s donations to defend himself in court raised tons of questions among the community members.
It’s worth noting that lots of XRP community members have shown love to Bitboy with donations of thousands of dollars worth of XRP.
Reacting to the speculation, popular XRP-focused chartist EGRAG CRYPTO wrote, “Man if this is his address then this shit is crazy”
Man if this is his address then this shit is crazy pic.twitter.com/pfIHDH4r8b
— EGRAG CRYPTO (@egragcrypto) September 22, 2023
Somewhat Clarity On Wallet Owner
Since the question regarding the wallet went viral, many Bitboy’s lovers came out en mass in his defense, believing that the wallet could only belong to a crypto exchange. They believe he can’t hold such a whopping amount and still request donations.
One of his followers wrote, “This address belongs to Crypto.com Ben clearly gave a tag # indicating the address was on an exchange. Do your own research before jumping to conclusions! God bless and hope you all have a great day!”
However, Bitboy has not made any public statement to clear people’s doubts about the real owner of the millionaire XRP wallet.
The Background of the Lawsuit
Ben Armstrong (Bitboy) filed the lawsuit against Timothy “TJ” Shedd Jr., the CEO of HIT Network, and his father, Timothy Shedd Sr. He alleges that they forced him out of his media company, which he created in 2018. According to Bitboy in the lawsuit, he owns more shares than TJ LLC, which owns only 33% of the company’s shares.
Armstrong initially filed a lawsuit against the Shedds on August 30 but withdrew it the following day. The Shedds then filed their lawsuit against Armstrong on September 11. He refiled his suit on September 12, and a hearing was held on September 14 in Cobb County Superior Court. The lawsuits are still ongoing.
Armstrong’s complaint aimed to make the Shedds return control of the company, including its email, social media, and financial accounts, as he claimed to own 67% of the company’s shares.
James Merritt, Armstrong’s attorney, argued that the Shedds violated Georgia law by removing Armstrong, likening it to an “employee stealing from the boss.” He also argued that Armstrong was not an equal partner to the Shedds, terming the accusations of assault against Armstrong as “water cooler rumors.”
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The Shedds also accused Armstrong of misusing corporate funds. They claim he took out loans with the company’s NFTs and moved money without authorization.
However, Armstrong argues that the NFTs were personal property, and the employees knew about all his other transactions. He claims that Timothy Shedd Sr. was the one who misused company funds, and both sides are trying to obtain restraining orders.
The YouTube channel, now named Discover Crypto, has lost around 20,000 subscribers, and the company has lost $1 million in revenue since Armstrong left.