The channel is known for its trading-oriented news and videos, with titles such as "Top 3 Coins to Outperform Ethereum! (Short-Term Play Strong)", typical of the type of content disseminated to viewers. While these videos purport to offer trading advice, the channel has a disclaimer that clearly states that Armstrong is not a "professional advisor in any business related to finance, cryptocurrencies, tax, securities and commodities trading, or the practice of trading." . The content of channel
states that it is for informational purposes only. Bitboy Crypto has been criticized by the wider cryptocurrency community in the past for allegedly misleading viewers about various tokens and projects.
Armstrong has attempted to refute these claims, with a prime example being a fiery podcast talk hosted by cryptocurrency investor Anthony Pompliano in November 2021. An incident involving comments posted by another YouTuber on a 2020 BitBoy video has prompted Armstrong to pursue legal action. In 2020, Erling Mengshoel Jr., better known by his YouTube channel name Atozy, came across a now-deleted video on the Bitboy channel promoting a project called Pamp Network Token. The project ended down
as investors got nothing. after a reported "rug pull" by the founders.
According to data from Coingecko, PAMP tokens are worth fractions of a dollar, compared to an all-time high of $2.73 in July 2020. After PAMP's failure, Atozy reviewed Bitboy's video to post comments calling Armstrong "shady " was marked. to mislead viewers. Atozy created a full-length video titled “This YouTuber Scams His Fans...Bitboy Crypto” on his channel in November 2021, in which he claimed Armstrong had been dishonest as a self-proclaimed cryptocurrency expert to promote a terminated project in the Collapse. Armstrong formally filed a federal complaint against Mengshoel in August.
12 in the U. District Court for the Northern District of Georgia, Atlanta, with a number of claims, including defamation, inflicting emotional distress and tortious interference with business relationships or potential business relationships. Mengshoel eventually received the notice at home. a few days later, asking viewers and the cryptocurrency community for assistance in handling what he described as Armstrong's "frivolous" lawsuit. Mengshoel has since set up a GoFundMe account to directly oppose
's lawsuit, with Armstrong seeking damages. and $75,000 attorney fees. GoFundMe has raised over $20,000 in the 24 hours since its launch, with over 450 contributors to date.
Cointelegraph has reached out to both parties to comment on the proceeding and will update this article accordingly.