Cryptocurrency influencer Ben Armstrong was arrested on Monday after a live-streamed confrontation with his former business partner. The arrest took place in Gwinnett County, where Armstrong was charged with “loitering/prowling” and “simple assault by placing another in fear.” He was found to be in possession of a loaded weapon in his car during the incident. This arrest came after Armstrong’s removal from BitBoy Crypto, the media company he co-founded, as per an announcement in August. The news of his arrest caused a 30% drop in the value of BEN tokens, which were launched by Armstrong earlier this year.
The incident began when Armstrong and his former business partner engaged in a heated confrontation, which was live-streamed on X, a platform previously known as Twitter. In the video snippet, Armstrong was seen in the company of another person while carrying a loaded weapon in the backseat of his car. This led to his arrest for loitering/prowling and simple assault charges. These charges, along with a bond amount of $2,600, were confirmed through an online record available on the Gwinnett County Sheriff’s Department website.
The arrest of Ben Armstrong, a notable figure in the cryptocurrency world, caused significant repercussions beyond his personal circumstances. BEN tokens, the cryptocurrency launched by Armstrong earlier this year, experienced a 30% decline in value following the news of his arrest. Armstrong’s removal from BitBoy Crypto, a media company he co-founded, in August likely played a role in the confrontation that resulted in his arrest. The incident, which was live-streamed on X, showcased the tense exchange between Armstrong and his former business partner, ultimately leading to his arrest and subsequent legal charges.