Esteemed businessman and television figure, Kevin O’Leary—widely recognized as “Mr. Wonderful” from the popular show Shark Tank—has emerged victorious in a defamation lawsuit, resulting in a significant $2.8 million judgment. This outcome follows a US federal court’s decision against the prominent YouTuber Ben “BitBoy” Armstrong.

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Default Judgment and Court Ruling

The court’s decision came after Armstrong failed to address allegations in a defamation lawsuit, which accused him of spreading false information on social media. Specifically, Armstrong claimed O’Leary was linked to a fatal boating accident in 2019, allegations that were never substantiated in court. The lawsuit aimed to restore O’Leary’s reputation and seek compensation for the damages incurred.

Breakdown of Damages Awarded

The total judgment awarded by the court amounts to approximately $2.8 million. This sum includes $78,000 for harm to O’Leary’s reputation, $750,000 for emotional distress, and a substantial $2,000,000 in punitive damages intended to penalize Armstrong’s conduct.

Legal Proceedings and Allegations

Presiding over the case was Judge Beth Bloom of the US District Court for the Southern District of Florida. The court’s judgment was issued after Armstrong’s failure to respond to the complaint. The controversial posts, which surfaced in March of the previous year, alleged O’Leary’s involvement in serious misconduct and a subsequent cover-up. However, O’Leary has not faced any charges related to the incident, with court records revealing that involved parties were exonerated at trial.

Impact on the Cryptocurrency Community

Ben Armstrong, a notable figure in the cryptocurrency sphere, operates the widely followed platform BitBoy Crypto. His influence extends to thousands of crypto enthusiasts and investors, amplifying the reach of his unfounded claims. Although this legal case does not directly pertain to cryptocurrency, it underscores the potential legal perils for cryptocurrency influencers who disseminate unverified or defamatory content online. This ruling serves as a cautionary tale, likely prompting others in the crypto community to exercise greater caution in their online communications.

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