July 21, 2024
Ben 'Bitboy' Armstrong's Emergency Injunction Motion Denied by Georgia Court Amid Ongoing Legal Battle
Policy & Regulation

Ben ‘Bitboy’ Armstrong’s Emergency Injunction Motion Denied by Georgia Court Amid Ongoing Legal Battle

The Cobb County Superior Court in Georgia dismissed an emergency injunction motion submitted by Ben “Bitboy” Armstrong, the former host of the Bitboy Crypto YouTube channel, as part of his ongoing case against Hit Network CEO TJ Shedd and Shedd’s father, according to fresh records filed this week.

A fresh filing in the case, according to the Cobb County Clerk’s office, lists the order as “denied,” with the paperwork stating that “plaintiffs failed to meet their burden” to prove that Armstrong was entitled to an injunction against the Shedds, who are both employed by Hit Network. At Hit Network, Timothy Shedd Sr. serves as CFO.

Armstrong, a well-known crypto figure who once sported Gucci tracksuits and drove a Lamborghini, is currently soliciting money for his legal defence. According to blockchain data for two of Armstrong’s cryptocurrency wallets and statistics from Etherscan, fans have already contributed around $60,000 in Ethereum and Bitcoin in fewer than 24 hours.

Armstrong initially sued the Shedds on August 30 but then withdrew his complaint. After that, The Shedds last week on September 11 filed their lawsuit against Armstrong. On September 12, Armstrong re-filed his lawsuit against the Shedds, and on September 14, there was a hearing at the Cobb County Superior Court. Armstrong has not received a temporary restraining order, but the lawsuits are still active.

Armstrong’s lawsuit against the Shedds aimed to compel them to hand over control of the business, including access to its email, social media, and bank accounts, through an injunction. According to many court documents, Armstrong controls 67% of the business he was fired from.

Armstrong’s attorney, James Merritt, claimed in court last week that the Shedds “violated Georgia law” by firing Armstrong, contending that the circumstance was similar to the “employee stealing the company from the boss.”

The claims that Armstrong had physically assaulted Shedd were dismissed by Merritt as “water cooler rumours” that were being used to “muddy the waters” in the lawsuit. Merritt asserted that Armstrong and Shedd have “never been equal partners” at the company.

Merritt added that since Armstrong was fired, the business had “lost over $1 million” in sales and “tens of thousands of subscribers.”

Armstrong’s former Bitboy YouTube channel, which has since changed its name to “Discover Crypto,” lost over 20,000 subscribers in the previous month, according to data from SocialBlade. Particularly on August 30, the day Armstrong filed his initial complaint, and again on September 12, the day the Shedds filed their lawsuit, the channel lost 10,000 members.

At the hearing, George Koenig, the Shedds’ attorney, declared that the corporation is “in divorce mode” and seeking a buyout.

The bond between Armstrong and the Shedds, according to Koenig, is “beyond repair.” He also claims that Armstrong engaged in physical assault and “feigned weird sexual things with people.”

Armstrong is accused of “physically attacking” Hit Network employees by “groping, grabbing, punching, pulling, thrusting, tackling, placing hands-on, bending over, [and] throwing filled bottles of protein shake at” them, among other “lewd,” “obscene,” and “humiliating” acts, according to the Shedds’ complaint against Armstrong.

In the past, Armstrong has refuted Shedd’s physical assault claims. The remaining physical claims, according to Armstrong, were “made up” in an attempt to malign him.

According to the Shedds’ lawsuit, Armstrong allegedly delivered various quantities of money “as large as $50,000 per month” to an independent contractor working for the media company “with whom Armstrong maintained an improper relationship” for non-business activities.

Armstrong said in a statement that the money was sent to marketing consultant Cassandra Wolfe as part of her 5% commission for obtaining the $15 million sponsorship deal with cryptocurrency gaming startup Stake.

Armstrong said, “They wanted a witch hunt on her since she saved everyone’s jobs. “Without the Stake deal, most people at the company were heading toward getting laid off.”

At the hearing, Koenig stated that the Shedds had asked for an ex parte temporary restraining order against Armstrong and that Hit Network had hired a full-time security guard to watch over its office building. On behalf of Armstrong, Merritt also asked for an ex parte temporary restraining order against the Shedds.

Shedd reportedly informed Acworth police on August 21 that he was “concerned for his safety” because he was going to fire Armstrong from the company for “misuse and possibly criminal use of company funds.”

According to the report, Shedd also reportedly complained to police that Armstrong “created a hostile work environment” and repeated the assault claim, adding that it took place after it was discovered that Armstrong had engaged in adultery.

The Hit Network offices will be included in the Acworth Police’s “zone patrol” region for a few weeks, Shedd was informed by the Acworth Police. An employee of Hit Network who is aware of the situation acknowledged that a judge has not yet heard the Shedds’ injunction motion for a restraining order.

The worker added that Hit Network bought the Lamborghini as a corporate asset and is now trying to sell it to “recoup funds” that Armstrong allegedly “stole” from the business.

The Shedds’ lawsuit petition claims Armstrong obtained “personal loans of cryptocurrency” totalling $176,698.10 using a Bored Ape Yacht Club NFT as an example. Armstrong is also accused of “theft and/or mishandling of company assets,” according to the Shedds. The NFT, which according to the lawsuit was worth about $107,000 at the time, was lost when a loan was not paid back.

The complaint also claims that Armstrong borrowed a total of $119,415.08 for seven loans on a Mutant Ape Yacht Club NFT, which ultimately led to the loss of the NFT’s original $13,000 value.

The Shedds’ lawsuit against Armstrong alleges that Armstrong transferred “other NFTs” from the business’ cryptocurrency wallets to his private wallets as well as over $40,000 worth of USDT stablecoin from company wallets to a personal wallet before moving it to a wallet owned-by Stake.

In response to these allegations, Armstrong stated that the disputed NFTs belonged to him and that the staff members of the company were informed of that fact.

Armstrong noted in a message, “They said multiple times they were mine because the company was mine. All of these exchanges of ideas took place. However, they were never recorded. He said that no one at the business ever expressed concerns to him about the NFT loans or informed him that he wasn’t permitted to take out loans against the company’s assets.

Additionally, Armstrong stated that the disputed USDT monies “were sent right to the company.”

“They have no idea what they are doing with the books, so they don’t know where it is. Armstrong claimed that Shedd Sr. was to blame for the company’s $3 million loss on the now-defunct Celsius platform. “This is the result of a minority business partner hiring his father to be the CFO, even though he has no financial background or experience,” Armstrong stated.

Armstrong announced on his brand-new YouTube account on Wednesday that he had reported an aggressive text message to the police.

There are ongoing lies and betrayals, according to Armstrong.

On the Wednesday livestream, Armstrong’s wife, Bethany Armstrong, also made an appearance and expressed fear for the safety of her family while describing the situation as “horrific.”

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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