Connect with us

Crypto World

Court Slams BitBoy With Punitive Damages Over Viral Accusations Against Kevin O’Leary

Published

on

Court Slams BitBoy With Punitive Damages Over Viral Accusations Against Kevin O'Leary


Armstrong had previously published O’Leary’s private phone number and urged followers to harass him as a supposed murderer.

A United States federal judge has ordered crypto influencer Ben Armstrong, previously known as “BitBoy,” to pay $2.8 million after he failed to defend himself in a defamation lawsuit brought by investor and television personality Kevin O’Leary.

According to court documents, US District Judge Beth Bloom of the Southern District of Florida entered the default judgment on Thursday, while citing Armstrong’s lack of any response during the proceedings. The damages award includes roughly $78,000 for reputational harm, $750,000 for emotional distress, and $2 million in punitive damages.

Advertisement

Background of the Case

The case stems from a series of posts Armstrong published on X in late March 2025, in which he accused O’Leary and his wife of murder and alleged they paid millions of dollars to cover up their involvement in a fatal 2019 boating collision in Ontario.

Two people were killed when one boat struck another on a lake, but O’Leary was only a passenger and was never charged. His wife, Linda O’Leary, on the other hand, was later acquitted of careless operation of a vessel following a 13-day trial. Armstrong publicly disclosed O’Leary’s private phone number and urged followers to contact him as a “real-life murderer.” These posts prompted a temporary suspension from the platform.

In January 2026, Armstrong moved to overturn the default judgment. He said incarceration and mental health problems prevented his involvement, while sealed filings referenced a bipolar disorder diagnosis. The court rejected the request and noted that Armstrong had been properly served and waited nearly a year before taking action.

Legal Woes

The ruling further expands the list of legal troubles facing Armstrong, who has faced repeated arrests since 2023. He was taken into custody in March 2025 on a fugitive warrant tied to alleged threats sent to a Georgia judge and was arrested again in June 2025 on multiple counts of harassing phone calls.

Advertisement

Armstrong was removed from the BitBoy Crypto brand in August 2023 after its parent company cited substance abuse concerns, which ended his run as one of the most visible figures in crypto media.

His career was repeatedly overshadowed by controversy, including admissions of paid promotions for failed or fraudulent projects and a high-profile legal dispute with YouTuber Atozy that he ultimately abandoned after a backlash from the crypto community.

SPECIAL OFFER (Exclusive)

SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).

Source link

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Will Bitcoin Price Drop to $50,000 by March 2026?

Published

on

Will Bitcoin Price Drop to $50,000 by March 2026?

Bitcoin is trading around $68,700, down nearly 22% year to date and on pace for its weakest first quarter since 2018. After starting the year near $87,700, BTC has shed almost $20,000 in just a few weeks, putting pressure on the broader crypto market.

While early-year weakness is not unusual for Bitcoin, the scale of the decline has raised concerns that the current correction may not be over yet.

Bitcoin Price Chart in 2026 So Far. Source: CoinCodex

Sponsored

Sponsored

Worst First Quarter in 8 Years?

Historically, Bitcoin has posted a negative first quarter in 7 of the past 13 years. 

Advertisement

However, a 22% drawdown would mark its worst Q1 performance since the 2018 bear market, when BTC plunged nearly 50% in the opening months of the year.

Bitcoin quarterly returns. Source: CoinGlass

January and February both closed in the red, increasing the likelihood of a rare back-to-back negative start. 

To meaningfully shift the narrative, Bitcoin would need to reclaim the $80,000 region, which currently appears distant given prevailing momentum.

That said, history shows that weak first quarters do not necessarily define the full year. In eight of the past thirteen years, Q2 delivered the opposite performance of Q1. 

This keeps the medium-term outlook more nuanced than the headlines suggest.

Advertisement

9% Bounce May Have Increased Downside Risk

Between February 12 and February 15, Bitcoin staged a sharp 9% rebound. On the surface, the move appeared constructive. Underneath, leverage data tells a different story.

Sponsored

Sponsored

Open interest in BTC futures jumped from roughly $19.6 billion to $21.47 billion during the rebound, an increase of nearly $1.9 billion. 

Advertisement

Funding rates also turned strongly positive, signaling that traders were aggressively positioning for further upside.

Rising BTC leverage: Santiment

However, the broader chart structure still resembles a bear flag. The recent rally unfolded within a downward continuation pattern, and price is now drifting back toward the lower boundary of that structure.

Momentum indicators add to the caution. A hidden bearish divergence formed on the 12-hour chart, with price making a lower high while RSI printed a higher high. This pattern often appears when sellers are quietly regaining control.

At the same time, Bitcoin’s Net Unrealized Profit/Loss surged by roughly 90% over several days, indicating that many holders quickly returned to paper profits. 

Similar profit spikes in early February preceded a 14% drop. If traders rush to lock in gains again, selling pressure could accelerate.

Advertisement

Sponsored

Sponsored

Key Levels: $66K Support, $58K Downside Target

Technically, the $66,270 area is a critical near-term support. A confirmed breakdown below this zone would activate the bear flag continuation pattern.

If that happens, the next major downside target sits near $58,800, aligning with the 0.618 Fibonacci retracement and representing roughly a 14% decline from current levels. 

Advertisement

A deeper extension could bring the $55,600 region into play.

On the upside, BTC needs to reclaim $70,840 to stabilize short term. A stronger breakout above $79,290 would invalidate the bearish structure and signal that buyers have regained control.

Sponsored

Sponsored

Advertisement

Bitcoin Dominance and Treasury Companies Offer Mixed Signals

Beyond price action, broader market metrics paint a complex picture. Bitcoin dominance remains elevated near 58.5%, suggesting capital continues to favor BTC over altcoins during this correction. That relative strength often appears in defensive market phases.

Meanwhile, public Bitcoin treasuries continue to hold substantial Bitcoin reserves. Data from BitcoinTreasuries shows over 1.13 million BTC collectively held by public firms, led by large corporate holders. 

The largest of these holders is Strategy, which holds 3.27% of the total Bitcoin supply. While this structural demand does not prevent short-term volatility, it reinforces Bitcoin’s long-term institutional footprint.

Bitcoin is caught between historical resilience and near-term technical weakness. 

Advertisement
Bitcoin Dominance Over the Past Month. Source: CoinCodex

The 22% year-to-date drop puts Q1 on track for an unenviable record. 

Meanwhile, leverage, divergence signals, and on-chain profit metrics suggest that downside risk toward $58,000 cannot be ruled out.

At the same time, elevated dominance and continued corporate accumulation highlight that the broader structure is under pressure, but not yet broken.

The coming weeks will likely determine whether this is simply another rotational phase within a larger cycle or the start of a deeper corrective leg.

Advertisement

Source link

Continue Reading

Crypto World

Metaplanet Revenue Jumps 738% as Bitcoin Accounts for 95% of Income

Published

on

Metaplanet Revenue Jumps 738% as Bitcoin Accounts for 95% of Income

Japanese public company Metaplanet reported explosive revenue growth after pivoting its business around Bitcoin, with the cryptocurrency now accounting for most of its operating activity.

According to its fiscal year 2025 earnings report, revenue climbed to 8.9 billion Japanese yen ($58 million) from $7 million a year earlier, a 738% year-on-year increase. The surge followed the launch of the company’s Bitcoin (BTC) income operations.

“We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth,” the company wrote.

A revenue breakdown shows about 95% of total income came from Bitcoin-related operations, largely generated through premium income from BTC options transactions. The company only began the segment in late 2024, replacing traditional business lines such as hotel and media activities as the core of its financial model.

Advertisement
Metaplanet revenue surge. Source: Metaplanet

Related: Metaplanet sticks to Bitcoin buying plan as crypto sentiment hits 2022 lows

Bitcoin price drop pushes Metaplanet into loss

Operating profit reached about $40 million, but the company still posted a net loss of roughly $619 million. The loss stemmed from accounting rules. Since Metaplanet holds large Bitcoin reserves, it must reflect price swings on its financial statements, and a more than $664 million valuation drop erased the year’s operating income.

The company has aggressively accumulated Bitcoin amid the business shift. Holdings increased from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, making it the largest corporate Bitcoin holder in Japan. The company has also raised more than $3.2 billion in capital since adopting its treasury strategy.

Metaplanet described its model as a long-term Bitcoin treasury approach, aiming to “acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation.”

The company expects growth to continue next year, forecasting revenue of about $104 million and operating profit of $74 million.

Advertisement

Related: Metaplanet lifts 2026 revenue outlook despite $680M Bitcoin impairment

Metaplanet CEO reaffirms Bitcoin strategy despite market selloff

Earlier this month, Metaplanet CEO Simon Gerovich said the company will stick with its Bitcoin-focused approach even as the broader crypto market undergoes a sharp downturn. In a post on X, he stated there would be no shift in direction despite recent volatility.