On August 12, Armstrong formally responded to Mengshoel Jr. 2021 November 2021 A video titled "This YouTuber scammed his fans...BitboyCrypto" claimed that Armstrong dishonestly marketed unusual assets to viewers For personal gain. He is seeking a $75,000 payout for the ordeal.
However, Armstrong said he is now withdrawing the complaint after Mengshoel Jr. raised more than $20,000 for his defense during an Aug. 24 livestream.
The digital currency YouTuber put it simply, the purpose of his original complaint was for him to complain to Mengshoel Jr. to remove the video, implying that he did not want to actually go through the court proceedings.
However, Armstrong explained that since Atozy now has enough funds to cover legal expenses, and Cobie (JordanFish), a well-known cryptocurrency trader/podcaster, donated $10,000 to the effort, the controversy has exceeded his initial estimates .
"As a result, we are dropping 100% of the lawsuit. I'm sorry this was made public. I'm sorry to be misunderstood, but I just want you to understand why I did this. This is not a slapstick lawsuit."
[When someone suggests that you might get in trouble with the SEC, it`s not a flippant person, it`s a very serious business. So, from my perspective, trying to defend my reputation, For him to remove videos that contain misinformation, that's what I want," he added.
As of this writing, the Atozy video is still on the rise and has nearly ten thousand views. During Bitboy's livestream, Armstrong begged Mengshoel Jr. to at least edit some of the videos he wasn't happy with. However, Armstrong concluded by noting that Atozizi "won".
As far as I know, Bitboy will sue.
I am appalled by the support.
In less than 24 hours, we raised about $20,000
. I will return all those who donated.
Thank you for saving me.
Commenting on the matter, Atozy meant that nothing had been processed as he was still awaiting formal confirmation from his lawyers that the complaint had been dismissed with "prejudice".
"My lawyer told me that he could always reapply if he had no prejudice," he wrote, adding that once the official decision came through, he would return all the money to those who donated to the effort.
