Blockchain sleuth Zackxbt called out former boxing world champion Floyd “Money” Mayweather about his fraudulent token activities. Answering a now-deleted post on X where Mayweather promoted a Solana address for his token, Zackxbt asked if the boxer deserved a 13th chance, given the numerous failed and disappeared projects he had promoted before. Zackxbt stressed that […]
Bitcoin News
Here’s Why Floyd Mayweather is Selling Tickets as NFTs
The adoption of NFTs is so massive that legends such as Floyd Mayweather are participating in events where fans must buy NFTs in order to attend. Dubai is hosting the world’s first NFT pay-per-view event that features Floyd Mayweather and Anderson Silva as part of The Global Titans Fight Series.
Floyd Mayweather is the undefeated boxing fighter that is also a prominent advocate of blockchain technology and NFTs, with his own NFT collection available on https://floydnft.com/. The legend will be participating in an exciting and thrilling match with Don Moore. Other participants of the event include Bruno Machado, Badou Jack, Hany Atiyo, Ryan Ford, Bilal Laggoune, Delfine Persoon, and more.
Being the first NFT pay-per-view event, all viewers must purchase tickets from Rarible. NFTs purchased for the event give the holder exclusive event access.
This event is a prime example for the potential use-cases for the NFT and blockchain industry.. Several NFT projects have been leveraging the exploding popularity as a means to give back to their community, curate interesting and exciting content for, and connect people with exclusive real life groups and events.
One of the projects that cater to high-profile clients in the NFT Space is Crypto Panther Club.
Crypto Panther Club – The Digital and Real-Life Community
Crypto Panther Club is a collection of 5,555 unique 2D animated Panther designs curated on the Ethereum network by Glod, an internationally recognized artist and one of the youngest and most popular modern artists from Austria.
They have even partnered with Chainlink to ensure a fair and verifiably random distribution for the NFTs when buyers come on the minting date.
Every NFT in this collection offers the holders real-life benefits such as physical artwork, access to parties, and street art with holder rewards. Crypto Panther Club offers truly decentralized NFTs where all metadata is stored on IPFS (InterPlanetary File System) making it tamper-proof. Every NFT is exclusive and unique based on hundreds of different traits with the goal to build the strongest community in the art space.
Crypto Panther Club has already amassed appreciation and was awarded NFT Project of the Year 2022 by AIBC Summit Asia. The NFT collection combines the real world and digital worlds as collectors no longer simply own NFTs but also artworks by Glod with access to community and lifetime benefits.
To find more information on the official launch of Crypto Panther Club which will happen in London, visit https://cryptopanther.club/ to learn more about the exciting opportunities that await and join their community for an exclusive experience.
Floyd Mayweather and DJ Khaled Escape Lawsuit Brought by Defrauded ICO Investors
n Floyd Mayweather and DJ Khaled have been dismissed from a lawsuit brought by those who invested in a fraudulent ICOn
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Floyd Mayweather, DJ Khaled Escape Lawsuit Brought By ICO Investors
Floyd Mayweather, DJ Khaled and two employees of the Centra Tech ICO project have been dismissed from an investor lawsuit by a federal judge.
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What Does Floyd Mayweather’s Crypto ICO Settlement with the SEC Imply?
Boxing champion Floyd Mayweather Jr. and music producer DJ Khalid have both settled charges with the U.S. Securities and Exchange Commission (SEC) for failing to disclose that they were paid to promote initial coin offering (ICO) projects to the public.
The charges against the two celebrities came about after they both used various social media outlets to promote ICO projects that were in the midst of fundraising rounds.
Mayweather sent out a tweet to his nearly eight million followers regarding an ICO fundraising round being conducted by Centra Tech ICO, who reportedly paid Mayweather 0,000 to tweet about the project.
“Get yours before they sell out, I got mine…” Mayweather wrote.
The same project also paid music producer DJ Khalid to tweet about their ICO, who called the project a “game changer” while being paid an undisclosed ,000 for the post.
Because the SEC largely classifies ICOs as securities offerings, the undisclosed celebrity endorsements were in violation of securities laws.
Steven Peikin, the SEC enforcement division’s co-director, spoke about the charges against the two celebrities, saying:
“Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds.”
In a settlement with the SEC, Mayweather paid a total of 4,775 in disgorgement, penalties, and pretrial interest, while also agreeing to not promote any securities products (even disclosed ones) for the next three years.
DJ Khalid also settled the charges, agreeing to pay a total of 2,725 in disgorgement, penalties, and pre-trial interest.
Related Reading: Floyd Mayweather and DJ Khaled Risk Lawsuits over Alleged ICO Scam
SEC Cracking Down on ICO Promotions
Due to the complex nature of ICOs, they have become the perfect venue for groups looking to garner tremendous amounts of money from investors, while offering little more than broad roadmaps and lofty promises, making them highly risky for investors.
Despite this, they can prove to be a highly lucrative and efficient method of fundraising for trustworthy projects, and regulation of the space is critical in order to increase investor-confidence in ICO investments.
Last year, the SEC announced that they would be cracking down on paid celebrity ICO endorsements that are undisclosed, explaining that celebrities or public personas who endorse ICOs must publicly disclose all the information surrounding their relationship to the project.
“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC said in a public statement.
Larry Cermak, the head of analysis at cryptocurrency research website The Block, explained the dangers of celebrity endorsed ICOs, noting that many unsavvy investors take their advice at face value and neglect to do prudent research into the project.
“The main reason why so many inexperienced individuals invest in bad crypto projects is because they listen to advice from a so-called expert. They believe they can take this advice at face value even though it is often fraudulent, intentionally misleading or conflicted.”
As the SEC further enforces ICOs as securities, it is likely that the tokens resulting from these offerings will also be regulated as securities products, which could spell trouble for their investors.
Featured image from Shutterstock.
The post What Does Floyd Mayweather’s Crypto ICO Settlement with the SEC Imply? appeared first on NewsBTC.
Founders of ICO Endorsed By Floyd Mayweather Indicted for Fraud
The U.S. Attorney for the Southern District of New York has announced that the co-founders of a Floyd Mayweather-backed ICO have been indicted.
CoinDesk
Floyd Mayweather and DJ Khaled Risk Lawsuits Over Alleged ICO Scam
Celebrities who have endorsed initial coin offerings are at risk of legal action from regulators and investors, following a fraudulent ICO promoted by champion boxer Floyd Mayweather and musician DJ Khaled.
SEC May Pursue Celebrities Who Have Endorsed Alleged ICO Scam
Legal experts in the US have warned that boxer Floyd Mayweather and musician DJ Khaled may be presented with lawsuits for having endorsed an alleged cryptocurrency scam, a startup called Centra Tech who raised million from thousands of investors via an initial coin offering. Sohrab Sharma and Robert Farkas have been charged with fraud for selling “unregistered securities” related to the million they raised from the ICO of their CTR coin.
“They are clearly sending a signal,” Nick Morgan, a former SEC attorney and a partner at US law firm Paul Hastings, told the Financial Times, and added that the SEC had “left the door open” to others who may have broken the law while promoting ICOs, including Floyd Mayweather and DJ Khaled. “There was nothing in there that I think anyone should take comfort from, just because they were not individually named.”
The SEC has warned that promoters, such as celebrities, had to disclose any compensation they received to promote an ICO, but the regulator did not comment on whether it is pursuing those who broke the law while promoting initial coin offerings. Mayweather and DJ Khaled risk being found to have aided and abetted the alleged scam. In the meantime, there are dozens of cryptocurrency-related class actions pending, which will see the light of day in the coming three months.
US regulators have been clamping down on the sector as the lack of oversight has attracted many scam opportunities. The concept of initial coin offerings has been abused and its credibility is in danger for many. Crypto Aware, a decentralized token investment-management community, has found that over .7 billion-worth of cryptocurrencies were lost to hacks and scams between 2011 and 2018. A recent study conducted by Satis Group claims that 81 percent of the ICOs turned out to be scams, 6 percent failed, and 5 percent had “gone dead”, which comes to a total of 92 percent failing to list on cryptocurrency exchanges.
The US laws regulate publicity around the sale of securities. Even if an ICO is not a scam, their promotes may face legal action if the offering is not registered with the regulator.
Centra Tech, the Florida based company on trial, claimed to be “creating a world connected to cryptocurrency” through their products. DJ Kahled and Floyd Mayweather promoted the ICO on Instagram and Twitter.
The post Floyd Mayweather and DJ Khaled Risk Lawsuits Over Alleged ICO Scam appeared first on NewsBTC.
Class-Action Suit Targets ICO Promoted By Floyd Mayweather, Jr.
An initial coin offering ICO promoted by boxing champion Floyd Mayweather, Jr., is at the center of a newly filed class-action complaint.
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Class-Action Suit Targets ICO Promoted By Floyd Mayweather, Jr.
An initial coin offering (ICO) promoted by boxing champion Floyd Mayweather, Jr., is at the center of a newly filed class-action complaint.
CoinDesk
Floyd Mayweather Fights in Bitcoins Corner
Boxing champion Floyd Mayweather has been spotted spending Bitcoin in California&8217s Beverley Hills proving that…nThe post Floyd Mayweather Fights in Bitcoin&8217s Corner appeared first on Bitcoinist.com.n
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