Former Crypto Enthusiast Decided to Stop Promoting ICOs, Cites ‘SEC Threats’

Former Crypto Enthusiast Decided to Stop Promoting ICOs, Cites ‘SEC Threats’

June 24, 2018 Off By Steven Anderson

John McAfee a renowned crypto evangelist and an anti-virus pioneer tweeted that he will stop working with ICOs. He will also stop endorsing them because of threats from the U.S Securities and Exchange Commission. But, SEC declined to remark on his testimonial.

In April, John exposed that he charges US105, 000 for every tweet to endorse crypto products and projects. He claimed that once you divide the charge by the total number of his followers on Twitter, the price for every investor reached is only $0.13.

In an interview with Cointelegraph last January, McAfee was asked if anyone has tried to compensate him for endorsing a product or project related to crypto, and if so, what projects. McAfee said that makers of digital currencies tried to compensate him. He also stated that he will not discuss his personal funds where he makes his money or from who. He believed that asking such question is impolite.

He replied no when he asked if he felt accountable for pump-and-dump methods which sometimes follow his support or endorsement.

In May, he announced that he will be releasing his own fiat currency supported by cryptocurrency. This project will be valid and redeemable for face time with him. According to him, McAfee Promissory Note will be associated with a blockchain through tokens. It can be traded for up to one hundred minutes of private time with him everywhere around the globe.

The crypto evangelist also hit headlines in previous weeks, when he proclaimed his presidential bid as an avenue to serve and help the community of crypto. Then he tweeted regarding the run, telling that even if has a small chance of winning, this presidential bid will provide him a chance to let anyone know the “truth.”

Weeks ago, the U.S. Securities and Exchange Commission launched a replica of ICO website. This is to boost awareness of the usual warning signs of ICOs fraud. This site is also intended to promote investor or trader education. The fake ICO website includes blurry and misleading white paper, assured return claims, celebrity supports and a countdown clock which is rapidly running out on the deal of a lifetime.

Last April, Robert Jackson, SEC Commissioner criticized Initial Coin Offering. He told that the world of digital currency” has been full of disturbing development that SEC has witnessed, and especially in the ICO space.

 

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