DJ Khaled and Floyd Mayweather both pitched deals to their followers, but did not disclose or admit they were paid to do so. Both are being fined as a result of the undisclosed sponsorships, which were, of course, for sleazy cryptocurrencies.
Both took money to promote Centra Tech, an ICO that eventually led to fraud charges for several of its masterminds. The SEC found that Mayweather took $100,000 to promote the Centra token, as well as $200,000 to promote two other ICOs, in posts like an Instagram message where he told his millions of followers "You can call me Floyd Crypto Mayweather from now on." DJ Khaled was paid $50,000 to promote Centra Tech -- facts neither mentioned in their social media posts. While they avoided admitting any wrongdoing, both will have to give up the money they were paid, along with an additional $300,000 penalty for Mayweather to go with a $100,000 fine for DJ Khaled (plus interest).
A phenomenon of the Twitter era is celebrities not really bothering with professional financial and business help beyond accountants. The dumb ones are easier marks than ever.
Here's the SEC press release on the Centra coin shenanigan. It peaked at a $240m market cap but quickly deflated and is now nearly worthless; the founders were arrested in April.
Harbor.im is a California “retreat” for rich people to escape the coronavirus pandemic. Ride out the crisis while enjoying daily yoga and breathwork, pool parties and COVID-19 testing “when available” in a beautiful west-coast locale! Get “the most fulfilling experience” of the pandemic without getting closer than 6ft to another human being! Shared rooms start […]
I don’t know why I made this.
KFC closed its restaurants to all but drive-through customers and deliveries days ago. According to this video, however, the company is quietly ordering managers to keep lobbies open to serve walk-in takeout customers. I’ve come up with this plan to protect my employees because they’re trying to force us to open the lobby again. Looks […]
Yoga studios are closed nationwide. The irony is that between the anxieties of the outside world and those popping up inside your very own home with everyone trapped indoors, there’s probably never been a time where yoga’s calming zen was more vital and needed. Rather than just throwing in the yoga mat and subjecting family […]
The workers aren’t inside their physical business space anymore. So why should business technology still be under that roof either? In fact, more and more businesses have been making this migration for a while now, moving all their digital infrastructure to the world’s two largest cloud services platforms, Amazon Web Services (AWS) and Microsoft’s Azure. […]
Gather round, young and old — and hear tales of bygone days. Back in olden times, citizens would mass at a house of coffee, wherein skilled java alchemists would concoct special blends and apply artisanal wizardry to make each steaming chalice an appointment for the taste buds. Granted, said wizards, once known as baristas, were […]