Centra Charged by SEC for Fraud
This was a big ICO that had Floyd Mayweather and DJ Khaled promoting it.
CTR claimed to have contacts with Visa or Mastercard but got cease-and-desist letters from them and few others and now SEC officially called that ICO a fraud and money grab. The ICO got 32 millions USD.
https://www.sec.gov/news/press-release/2018-53
Right after the news hit market Binance wrote they may delist the coin now.
Price went down hardcore.
Markets
TO be clear celebrities get paid to do tweets and they dont have to even understand what they promote as long as their legal team and managers accept it. Sad but true. So im positive Mayweather nor Khaled even knew what they promote.
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I don't know why greed is so addicting, with that so much money they had already , they still not contented and they will after the money of the ordinary people.
So many ICOs are a con. This is the biggest area of crypto that needs cleaning up. That and consolidation.
Is ANYONE really surprised by this? The fact that ICOs pay money to people to promote their SHIT Coins
It’s not surprising really. It’s the same for any product. Get a famous face to promote it and watch the sheep flock in! (Pun intended).
Proof that celebrity backing crypto really doesn’t mean anything!
So true!
Lol... Why would it? In fact why would any celebrity endorsement for any product mean anything at all? :P
Very true. But it must work otherwise companies wouldn’t do it. It’s so blatant yet people follow like sheep!
Are we really going to take a “celebrities” word on ANYTHING that has to do with Crypto? LMAO
Actually... when you see celeb endorsement, it's a red warning signal to stay the heck away.
Lol the bigger the celebrity the bigger the risk!
Somehow it was kinda hard to picture meriweather knowing much about anything technical.
He doesn’t have to. He is associated with making money so once people associate him with the ICO it looks like a good way to make money.
Oaw! thats interesting now.
I doubt if Mayweather knows jack about crypto but John McAffee sure knows better.
As an update to KuCoin’s previous announcement Regards to the Centra (CTR) Project https://news.kucoin.com/en/regards-to-the-centra-ctr-project/ , KuCoin has subsequently conducted market research and in-depth analysis of the negative impact of the CTR project. As a result KuCoin would like to announce that Centra (CTR) tokens will be delisted.
Mayweather can't even read. Are they sure he was signing off on it? Was his signature in crayon?
Luckily the ICO sold out before i bought in. so i wound up forgetting about it. It was pretty big news when Floyd was promoting it a few months ago. It goes to show sometimes in the crypto space, anyone can get scammed. definitely highlights the point of doing your own research. hopefully its just a mistake but even if it is their rep is waay down. loses all around friends, definitely will be used as a tool for media to tote how all of crypto is a scam. look out for FUD my fellow steamians.