Kevin O’Leary Wins $2.8 Million Defamation Case Against BitBoy Crypto

Steady attention without excessive speculation.

Breakdown of the $2.8 Million Judgment

The court divided the damages into three categories:

• $78,000 in compensatory damages for reputational harm and business disruptions
• $750,000 for emotional distress, citing the toll on O’Leary and his family
• $2 million in punitive damages to punish Armstrong’s conduct and deter similar behavior

Judge Bloom ruled that Armstrong’s statements falsely accused O’Leary of criminal conduct and that he made those claims with actual malice.

The Origin: The 2019 Boating Accident

The allegations stem from a tragic boating accident in 2019 on Lake Joseph in Ontario, Canada.

O’Leary’s wife, Linda O’Leary, operated the boat at the time of the collision. Two individuals, Gary Poltash and Susanne Brito, died in the accident. Authorities investigated the incident. Prosecutors charged Linda O’Leary with careless operation of a vessel. However, a Canadian court acquitted her in 2021 due to insufficient evidence.

Kevin O’Leary was a passenger and faced no charges.

Despite this public record, Armstrong repeatedly claimed that O’Leary was a “real-life murderer” and alleged that he paid money to cover up the incident.

Armstrong’s Public Accusations Escalate

In early 2025, Armstrong began targeting O’Leary across social media platforms. He posted repeated accusations on X, calling O’Leary a killer and claiming a cover-up. He also published O’Leary’s phone number and encouraged followers to contact him.

The posts gained traction. However, they directly contradicted documented court findings from Canada.

O’Leary filed the lawsuit on March 26, 2025, in federal court in Miami. The complaint described Armstrong’s posts as deliberate falsehoods published with actual malice. O’Leary initially sought more than $4 million in damages.

Armstrong publicly mocked the lawsuit at the time. He even posted a taunt asking what O’Leary could do to him.

Kevin O’Leary Vs Bitboy: Court Proceedings and Default Judgment

As the case progressed, Armstrong failed to mount a proper defense.

In October 2025, O’Leary testified about reputational damage, security threats, business harm, and emotional stress. Armstrong did not appear at the hearing.

In January 2026, Armstrong attempted to vacate the default judgment. He argued excusable neglect, citing incarceration and mental health issues. The court rejected the motion.

Finally, on February 13, 2026, Judge Bloom issued the final ruling. The court concluded that Armstrong’s statements were defamatory per se because they falsely implied criminal conduct. The judge also emphasized Armstrong’s failure to provide a substantive defense.

Community Reaction and Broader Crypto Implications

The ruling quickly circulated across crypto media and social platforms. Many users pointed out the irony of Armstrong previously daring O’Leary to sue him. Others framed the case as a warning to influencers who spread unverified allegations.

This case also connects to broader fallout from the FTX era. O’Leary previously served as an ambassador for FTX and publicly acknowledged losing money in its collapse. Meanwhile, Armstrong faced his own legal and reputational challenges over crypto promotions and other controversies.

The verdict reinforces that online influence does not shield individuals from legal consequences.

What Happens Next?

The $2.8 million judgment now stands. Armstrong could file an appeal. However, his legal history and financial difficulties may complicate any recovery process.

Collecting the full amount could prove challenging if Armstrong lacks sufficient assets. Still, the ruling sends a strong signal about accountability in crypto media.

For O’Leary, the outcome reinforces his public stance on personal responsibility. For the broader crypto industry, the case marks another step toward legal consequences for misinformation and reputational attacks.