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One of the strangest episodes of last year's huge cryptocurrency boom was when boxer Floyd Mayweather released an Instagram endorsement for a little-known cryptocurrency called Centra. . In April, the founders of Centra were charged with fraud. The SEC said many of their claims were "just plain wrong".
In the summer of 2017, Mayweather wrote in an Instagram post that he "was spending bitcoins, ethereum and other types of cryptocurrency in Beverly Hills with my Titanium card. Centra. " He urged his millions of followers to "join the ICO of Centra on September 19".
Another Mayweather article promoting a different cryptocurrency said: "You can now call me Floyd Crypto Mayweather."
On Thursday, the SEC revealed – unsurprisingly – that Centra donated $ 100,000 to Mayweather to promote Centra on social media. Federal securities laws require celebrities to disclose the payments they receive for doing this type of sponsorship, which Mayweather has failed to do.
According to the SEC, Mayweather has received an additional $ 200,000 to approve two other ICOs. Under a settlement with the SEC, Mayweather will pay the SEC its earnings of $ 300,000, as well as a penalty and interest of $ 300,000.
Music producer DJ Khaled, another celebrity cryptocurrency endorser, has received $ 50,000 to approve Centra, the SEC announced. He will pay this $ 50,000 to the SEC with a penalty of $ 100,000 and interest.
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