Daily Briefing: Crypto Influencers

Timothy Craig

Aug. 25, 2022

Crypto influencers can have a big impact on the digital assets market, but are there any you can trust?

Photo: SF Weekly

Key Takeaways

The crypto YouTuber BitBoy Crypto has filed a lawsuit against Atozy, alleging he defamed him in a video.
UpOnly co-host Cobie donated $100,000 Atozy to fund the case.
The incident highlights how some of crypto's most prominent figures can use their platform for good and bad purposes.

Unpacking the BitBoy Crypto drama.

BitBoy Crypto vs. Atozy

It’s been a wild week in the world of crypto influencers. Yesterday, it was revealed that BitBoy Crypto, arguably one of the most influential personalities in the space with over 1.44 million subscribers on YouTube, had filed a lawsuit against fellow content creator Atozy over a nine-month-old video titled “This Youtuber Scams His Fans… BitBoy Crypto.”

BitBoy, real name Ben Armstrong, alleged that the video amounted to a slew of legal slights, including “defamation, intentional infliction of emotional distress, and tortious interference with business relations.” Atozy, shaken by the filing, took to Twitter this week to inform his followers of the situation and to crowdfund the cost of his legal fees.

If, like me, you tend to stay away from Crypto YouTube, you might be wondering what all the fuss is about. YouTube creators routinely sue each other for anything and everything, so what makes this time any different? Well, it’s not just Atozy who’s taken a critical stance on the content Armstrong produces. Many other prominent crypto figureheads including
Anthony Pompliano, ZachXBT, and Coffeezilla have previously called out Armstrong for promoting junk crypto projects and taking advantage of new entrants into the space.

With such a large portion of the crypto community riled by Armstrong’s antics, it was no surprise that crypto OG Cobie backed up Atozy with a $100,000 donation to cover his legal fees. This isn’t the first time Cobie has shown his altruistic side—last year, he routinely organized crypto community “Twitch raids” for amateur musicians playing on the popular streaming site, and more recently helped raise over $800,000 worth of crypto for a kid battling leukemia.

Hours after Cobie’s generous donation, Armstrong announced that he had withdrawn his lawsuit in a YouTube stream, proving that money does indeed talk. Armstrong’s “official” reason for withdrawing the suit was that he didn’t expect it to go public—a poor excuse for an entirely predictable outcome.

Still, the whole event highlights the duality of crypto influencers. Whether we like it or not, those looking into crypto from the outside will see its most prominent influencers as a representation of the entire community. The question is, do we want them to see people like Armstrong using their position to shill shitcoins and punch down on smaller creators, or people like Cobie, using their power and influence for good?

We all have the ability to influence which personalities get the most attention through the content we engage with and the advice we give, so I’ll take my own advice and do that now: Don’t watch channels like BitBoy Crypto. Judging by Armstrong’s actions, it’s clear he only cares about one thing—the amount of money in his bank account.

Thanks for stopping by, everyone. Until next time.

Disclosure: At the time of writing this article, the author owned ETH, BTC, and several other cryptocurrencies.