Among the strangest episodes in in 2015’s enormous cryptocurrency boom was when fighter Floyd Mayweather published an Instagram recommendation for an obscure cryptocurrency called Centra. In April, Centra’s creators were arraigned for scams, with the SEC stating that a lot of their claims were “just incorrect.”
In the summer season of 2017, Mayweather composed in an Instagram post that he was “investing bitcoins and ethereum and other kinds of cryptocurrency in Beverly Hills with my Titanium Centra Card.” He prompted his countless fans to “sign up with Centra’s ICO on Sept. 19 th.”
Another Mayweather post promoting a various cryptocurrency stated “You can call me Floyd Crypto Mayweather from now on.”
On Thursday, the SEC exposed— to nobody’s surprise– that Centra had actually paid Mayweather $100,000 to promote Centra on social networks. Federal securities laws need stars to reveal payments they get for making these sort of recommendations– which Mayweather stopped working to do.
Mayweather was paid another $200,000 to back 2 other ICOs, according to the SEC. Under a settlement with the SEC, Mayweather will disgorge his $300,000 in profits to the SEC, along with a $300,000 charge and interest.
Another celeb cryptocurrency endorser, music manufacturer DJ Khaled, was paid $50,000 to back Centra, the SEC states. He will pay that $50,000 to the SEC in addition to a $100,000 charge and interest.