Celebrities endorsing crypto projects is nothing new with Floyd Mayweather and Katy Perry being some of the celebrities who have helped boost the image of cryptocurrencies. A few weeks ago Steven Seagal became the latest celebrity to endorse a crypto, the shady Bitcoiin B2G.
The shady Bitcoiin B2G is an Ethereum-based token that isn’t related to Bitcoin in any way. It markets itself as a next-generation Bitcoin and has started selling tokens to investors after offering an ICO it claimed raised $75 million.
However, on Wednesday of this week, it was learned that Bitcoiin had received an emergency cease and desist order from the New Jersey Bureau of securities. This is according to an announcement made by Gurbir S. Grewal, the New Jersey Attorney General.
The decision was reached after the Bureau found Bitcoiin in violation of the state’s uniform securities law by offering its investors securities that are not registered in its ICO.
The Bureau also found the shady Bitcoiin in violation of law after it failed to disclose key facts about the project to prospective investors, including its physical address, the identity of its principals, and risks that are associated with Bitcoiin investments.
The token also failed to disclose vital information about Steven Seagal the brand ambassador – including a mention of if he owns any Bitcoiin tokens. The startup doesn’t disclose what expertise if any that the perfect weapon actor has that guarantees investing in the coin is appropriate and if it’s in compliance with the state and federal securities law.
The coin also fails to disclose what compensation it paid to the celebrity for the promotion of the cryptocurrency.
The martial arts actor who produces his own movies is famous for roles that have him fight a “million people” without ever taking a single punch.
Like the choice of his movies, Steven Seagal misses the point with his decision to support the shady Bitcoiin B2G.
In the comment section below let us know what’s your take on the shady Bitcoiin B2G project.