Printed from

Boxer, record producer drawn into crypto scam

Posted On: Apr. 24, 2018 9:40 AM CST

Boxer, record producer drawn into crypto scam

Even celebrities can be scammed.

At least that’s apparently what happened to boxer Floyd “Money” Mayweather and record producer DJ Khaled, who each posted photos on social media platforms touting a cryptocurrency-related credit card, Centra, whose creators have been charged with fraud by the Securities and Exchange Commission.

The issue was discussed by John Stark, president of Bethesda, Maryland-based John Reed Stark Consulting and former chief of the SEC’s Office of Internet Enforcement in The D&O Diary blog.

Mr. Stark said the two celebrities were both apparently duped by the two alleged swindlers, who have been charged with orchestrating a fraudulent initial coin offering involving the offer and sale of digital assets issued and distributed on a blockchain that raised more than $32 million from thousands of investors.

“Clearly, Mayweather and Khaled could have used a lawyer who better understood the perils of crypto-financing, who might have warned them before they even considered, let alone touted and endorsed Centra,” said Mr. Stark.