'Bitboy' Ben Armstrong Files Suit Against Former Hit Network Colleagues - Decrypt

‘Bitboy’ Ben Armstrong Files Suit Against Former Hit Network Colleagues – Decrypt

Time Stamp: September 12, 2023 4:44 PM
Source Node: 2876211

YouTuber Ben Armstrong, formerly known as “Bitboy,” has filed a lawsuit in Georgia against Hit Network CEO Timothy “TJ” Shedd Jr. and father Timothy Shedd Sr.—two Hit employees—for removing Armstrong from the media company he created in 2018.

The lawsuit also names corporate entities BJ Investment Holdings (BJIH) as a plaintiff alongside Armstrong, and TJSJ Holdings as a defendant with the Shedds.

According to the suit filed August 30 and obtained by Decrypt, Armstrong remains the majority shareholder of the media company BJIH, the parent company of Hit Network and the YouTube channel formerly known as Bitboy Crypto. Specifically, Armstrong’s fully-owned corporate entity Better Than TJ LLC (BTTJ) controls 67% of the shares in BJIH while TJSJ owns 33%, leading the plaintiffs to allege that the company was wrongfully stolen from Armstrong.

The filing alleges that the Shedds “began conspiring to steal the company from Armstrong” a few months ago, illegally locked Armstrong out of various email and social media accounts, and are “misappropriating, diverting, converting, and wasting” Armstrong’s company’s funds and assets for personal gain. 

The suit also alleges fraud, claiming that the Shedds have acted, are acting, or intend to act “in a manner that is illegal or fraudulent” and reveals that the company brings in roughly $1 million in ad revenue every month.

Through the lawsuit, Armstrong is seeking an award of damages, an injunction, and the return of control of the parent company along with its financial, social media, and email accounts. Armstrong’s suit also requests full copies of BJIH’s financial records and the full cost of the suit to be charged to the defendants.

A copy of the termination letter Armstrong received on August 25 alleges that Armstrong physically assaulted and verbally abused TJ Shedd and other employees as recently as August 21. The letter also alleges that Armstrong was under the influence of “illegal substances and steroids, and abusing medications” at work and alleged “threatening and engaging in physical violence and verbal abuse” to other employees. 

In a voice call recording previously obtained by Decrypt, Armstrong admitted to steroid use but asserted that claims surrounding hard drug use such as cocaine are “factually incorrect.” In the recording, Armstrong confirmed that he did threaten “to beat the crap out of TJ,” but denied that physical violence occurred. 

Armstrong’s filing does not directly address or refute the assault or drug allegations. But the suit calls the termination letter as well as another document used in an effort to remove Armstrong and BTTJ from the parent company unauthorized, “ineffective and void” because BTTJ maintains a majority of shares in the parent company.

After filing the suit, Armstrong released a video with his wife on August 31 apologizing to fans. He revealed that he is at “rock bottom” and had an affair, but again rejected hard drug abuse allegations and confirmed steroid use.

Despite Armstrong’s filing, Shedd and the Hit Network rebranded the Bitboy Crypto YouTube channel to “Discover Crypto” on Monday and published a video announcing the name change. The comments section was immediately filled with responses supporting Armstrong and decrying the decision to remove him from the company.

Armstrong declined Decrypt’s request for comment. Shedd did not immediately respond to Decrypt’s request for comment.

Stay on top of crypto news, get daily updates in your inbox.

Time Stamp:

More from Decrypt