The SEC Sued John McAfee, the most controversial person in the crypto space for endorsing projects for pay and promoting ICO dishonestly so let’s find out more in our crypto news.
The SEC sued John McAfee, stating that he earned a lot of money by promoting crypto ICOs dishonestly. He allegedly earned more than $23 million by doing so. The regulator aimed to reduce his role in the crypto space and to also collect fines and penalties. The US Securities and Exchange Commission filed charges alleging that the crypto celebrity profited by promoting ICO sales on Twitter.
Please advise on the next best ico to invest ..
— @venkikancharla (@Venkate19964740) June 19, 2018
The SEC alleged that McAfee leveraged his fame and earned $23 million by recommending 7 ICOs. It added that his activity involved in the sale of securities and that his recommendations were false and misleading for plenty of reasons. McAfee didn’t reveal that he was being paid to promote these projects and also he falsely claimed to be an investor or claimed to be involved in the project by not disclosing when he will be selling his own holdings. According to the regulator McAfee also engaged in scalping by stating he has a huge amount of crypto without disclosing his desire to sell it.
The SEC aimed to limit McAfee’s involvement in crypto and also he claims to force him to return the funds, to prohibit him from serving as a company officer, and to pay civil penalties. These charges against him have been expected as the regulatory agency acknowledged that the public accused McAfee of dishonest ICO promotion in 2018. He denied various accusations but he also announced that he will stop recommending ICOs citing threats from the SEC.
The SEC cited McAfee’s crazy Bitcoin price predictions and his promise to “eat his d**k on national television” only increased his recognition in the crypto space. His fame encouraged ICO teams to look out for him to promote their projects. He was also charged with tax evasion as he directed his income bank accounts and exchanges in the name of nominees. It’s still not clear whether the charges against McAfee will succeed but this could end his career if they do.
As recently reported, The popular crypto advocate John McAfee has left his Ghost Token project because of the incompetence of the management team. McAfee tweeted and announced he was leaving the Ghost project that is privacy-centered which uses proof-of-stake and will ensure the privacy of the users by making them “ghosts” when carrying out transactions.
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