Ripples CTO Claims BitBoy Was Misled By His Lawyers
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According to Schwartz, Armstrong's lawyers "misled" him and "should have known better."
BitBoy Sued Atozy Last Month
Armstrong sued Mengshoel last month over a video in which the latter claims the former defrauded his supporters by endorsing dubious crypto businesses that were pump-and-dump schemes. His goal was to recover $75,000 in losses. Earlier, Mengshoel faced criticism for reportedly failing to mention that token creators funded certain advertisements in his video.
Defamation Suit Against Fellow Youtuber
BitBoy Crypto said in a Livestream Wednesday that he is dropping his defamation suit against a fellow crypto-focused content creator, Atozy. Armstrong had filed a lawsuit against Atozy (Erling Mengshoel) for allegedly defaming him in a Nov. 8 video titled "This YouTuber Scams His Fans … Bitboy Crypto."
The lawsuit was discovered by court observers, which caused a stir regarding Armstrong's commercial tactics. Mengshoel was able to unite the cryptocurrency community behind him and launch a successful GoFundMe campaign to pay for his legal costs. He claimed that he got sued for nothing more than expressing his viewpoint.
Additionally, the frequency of YouTube videos accusing Armstrong of unethical crypto advertising has increased. Armstrong claims that if he had realized the lawsuit would garner such attention, he would not have filed it. Mengshoel claims in a widely shared tweet that he has not yet received official confirmation that the lawsuit has been abandoned. Nevertheless, he expressed gratitude to the cryptosphere for "saving him."