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crypto

Mayweather Faces KO Punch From Crypto Watchdog Over Alleged Scam Token

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Floyd Mayweather, the undefeated boxing champion, seems to be facing a different kind of knockout in the cryptocurrency arena. Blockchain investigator ZachXBT has landed a flurry of accusations, calling Mayweather out for promoting yet another suspicious token project.

Related Reading: Dogecoin Creator Drops Bomb: Crypto Market A Playground For Posers

Pump And Dump Suspicions

This comes after a string of controversies. Mayweather has been entangled in lawsuits and settlements for failing to disclose payments to promote unregistered cryptocurrency ventures.

These promotions, according to critics, reek of “pump and dump” schemes, where celebrities artificially inflate prices before cashing out, leaving fans holding worthless digital bags.

Mayweather’s latest offense? The “FLOYD” token. After hyping it on social media, Mayweather abruptly deleted his promotional posts, sparking fears of another potential rug pull – a scenario where developers vanish with investor funds, leaving their tokens valueless.

Does Floyd deserves a 13th chance?

After profiting tens of millions from Mayweverse, Ethereum Max, Bored Bunny, Real Floyd NFT, Moonshot, 2018 ICOs, & more. https://t.co/JaNLdhsPqR pic.twitter.com/DDCBUoFBrj

— ZachXBT (@zachxbt) June 2, 2024

Controversy Shadows Mayweather

This isn’t Mayweather’s first dance with crypto controversy. Investors who followed his lead into ventures like EthereumMax and Bored Bunny NFTs have reportedly suffered significant losses after these projects fizzled out.

2024 is shaping up to be a year of cautious optimism. Experts predict continued growth, particularly in areas like GameFi (gaming with NFTs) and the use of NFTs in the metaverse economy.

Major companies are taking notice, potentially bringing stability and wider adoption. However, challenges remain. The industry still lacks clear regulations, and scams like the one suspected with Mayweather highlight the need for investor caution. Technical hurdles like scalability and interoperability also need to be addressed for widespread metaverse adoption.

BTC is currently trading at $68,901. Chart: TradingView

Crypto Hype Man In Trouble

The hits keep coming for Mayweather’s crypto reputation, going from landing punches in the ring to facing a different kind of jab – a Securities and Exchange Commission (SEC) right hook. In 2022, the SEC alleged Mayweather failed to disclose payments he received for promoting risky investments called Initial Coin Offerings (ICOs).

Like a flashy pre-fight hype man, Mayweather reportedly used his social media platform to urge fans to buy digital tokens before they supposedly vanished. Back in 2018, he took a financial blow after being fined over $600,000 for similar ICO promotion blunders.

Related Reading: Investors FOMO Into Crypto: YTD Flows Hit New Highs – Details

It seems Mayweather might be facing a different kind of fight – one where his punches pack little power against the jabs of regulators and disappointed fans. The message for investors is clear: don’t get hypnotized by celebrity endorsements in the wild west of cryptocurrency. Always conduct your own research before investing, because in the crypto ring, knockouts can come from unexpected corners.

Featured image from ESPN, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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