- The SEC charged movement “star” Steven Seagal with unlawfully promoting a cryptocurrency.
- The bare bitcoin rip-off was so silly it almost looked love a self-parody of the ICO hype machine.
- It’s receive to claim every person excluding Seagal saw this fair backlash coming.
Washed-up B-checklist movement hero Steven Seagal had to know he was on lethal ground when he agreed to promote a scammy bitcoin rip-off called Bitcoiin2Gen.
Two years later, his involvement in the fresh and almost comically shady venture has left him with exit wounds – alongside with a hefty honest from U.S. securities regulators.
Cryptocurrency Steven Seagal Fined for Promoting Shady Crypto Mission
The Securities and Substitute Commission launched nowadays that Seagal – the “Zen Grasp” and “Note Ambassador” for Bitcoiin2Gen – had agreed to pay $314,000 in disgorgement and penalties for encouraging investors to take the cryptocurrency with out disclosing that he was a paid promoter. He’s moreover barred from promoting securities for three years.
It’s receive to claim every person excluding Steven Seagal saw this coming.
Praised by supporters as a modern blueprint to decentralize capital funding, the initial coin offering suppose that accompanied the 2018 bitcoin bust was dominated by hordes of rip-off artists who preyed on gullible investors purchasing for financial freedom in the total dreadful places.
Bitcoiin2Gen was the poster-youngster for the sleazier side of this fundraising model. From its deliberate misspelling of “bitcoin” to a press free up gleefully asserting its founders’ “exit” from the venture, it almost appeared love a self-parody of the ICO hype-machine.
And a heavy-handed one at that.
The venture’s marketing supplies urged investors their cryptocurrency would surge by better than 7,500% in stamp in lower than a year and even marketed its
referral program pyramid scheme utilizing a literal pyramid graphic:
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It might per chance well per chance be hilarious if it no longer for the very fact that tasks structured almost exactly love this one stole billions of dollars, leaving many victims penniless.
And much too most ceaselessly, celebrities love Steven Seagal and Floyd Mayweather greatest made the infestation worse by promoting these tasks with no obvious regard for the investors inevitably left retaining the gain.
Cryptocurrency Seagal Would possibly maybe presumably fair Respect Been Hoodwinked Too
As for Bitcoiin2Gen, it’s in actual fact ineffective. Nonetheless it’s aloof listed on as a minimal two cryptocurrency exchanges.
It’s laborious no longer to revel in the irony that it appears to be like Seagal himself might per chance well also were hoodwinked too.
According to the SEC, he greatest bought $157,000 for his products and companies, a long way lower than the $1 million ($250,000 in cash and $750,000 in cryptocurrency) he had been promised.
This article was edited by Sam Bourgi.
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