Did you know that Bitcoin is a few months away from using more electricity to keep track of its fake Monopoly money for weirdos than the entire electrical grid of the United States? But even though it’s plummeting in value it made a lot of money for people who took it and invested that money into old Magic: The Gathering cards so we’re just going to keep it and its fly-by-night imitators around.
Since the concept of Bitcoin is completely insane to begin with, it’s not super easy to get people to invest their money into your new cryptocurrency which is essentially just “Bitcoin, but worthless.” So a lot of new cryptocurrencies are turning to celebrities to endorse their products, because who wouldn’t take investment advice from Floyd Mayweather.
It turns out you shouldn’t take investment advice from Floyd Mayweather or DJ Khaled, because they both got busted by the SEC for not diclosing that they were paid to promote cryptocurrencies, according to NBC News. Specifically, they promoted currency by a company called Centra Tech Inc., which is being investigated for defrauding investors.
Mayweather agreed to pay $300,000 in restitution, $300,000 in penalties and $14,775 in interest, while Khaled agreed to pay $50,000 in restitution, $100,000 in penalties and $2,725 in interest.
Mayweather and Khaled also agreed not to promote any securities, digital or otherwise, for three years, and two years, respectively, while Mayweather agreed to cooperate with the SEC’s investigation of alleged ICO fraud.
There’s an ancient proverb that I think we should all keep in mind when this sort of things comes up. “Never take digital currency recommendations from a guy who doesn’t eat pussy.”