Ben Armstrong vs. Hit Network

YouTuber Ben Armstrong, formerly recognized as "Bitboy," has reportedly initiated legal action in the state of Georgia against Hit Network CEO Timothy “TJ” Shedd Jr. and Timothy Shedd Sr., both employees of Hit Network, for what he alleges as the unlawful removal from the media company he founded in 2018. 

As reported by Decrypt, the legal dispute involves corporate entities BJ Investment Holdings (BJIH) as co-plaintiffs alongside Armstrong, and TJSJ Holdings as defendants along with the Shedds. The lawsuit, filed on August 30, reportedly asserts that Armstrong still holds the majority of shares in the media company BJIH, the parent organization of Hit Network and the YouTube channel once known as Bitboy Crypto.

Further, the lawsuit argues that Armstrong's fully-owned corporate entity, Better Than TJ LLC (BTTJ), possesses 67% of the shares in BJIH, with TJSJ owning the remaining 33%.

Allegations of Wrongful Takeover

According to Decrypt, the legal filing details several disturbing actions on the part of the father-son duo, including locking Armstrong out of his email and social media accounts, conspiring to seize control of the company, misappropriation of company funds for personal gain, and committing fraud. As per reports, the suit reveals that the company generates approximately $1 million in ad revenue each month.

In addition to the allegations of misconduct, the lawsuit claims that the Shedds have engaged in or intend to engage in "illegal or fraudulent" activities. The suit further discloses Armstrong's intent to seek damages, an injunction, and the reinstatement of control over the parent company, encompassing its financial, social media, and email accounts. 

Additionally, Armstrong's legal action requests access to full copies of BJIH's financial records and the allocation of the suit's total cost to the defendants.

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Counterclaims and Controversy

A termination letter sent to Armstrong on August 25 alleges that he physically assaulted and verbally abused TJ Shedd and other employees as recently as August 21. The letter also accuses Armstrong of being under the influence of "illegal substances and steroids" while at work and making threats of physical violence and verbal abuse toward fellow employees. In response, Armstrong admitted to steroid use but vehemently denied claims of hard drug usage such as cocaine. 

Despite Armstrong's legal actions, Shedd and the Hit Network proceeded to rebrand the Bitboy Crypto YouTube channel as "Discover Crypto" on Monday. Armstrong was applauded in the comments section, with many indicating they were dissatisfied with his dismissal.