Floyd Mayweather & DJ Khaled Fined in Digital Currency Crackdown

For not disclosing that they were paid to promote virtual coins.

By
Tech
8,234 Hypes 5 Comments

Floyd Mayweather and DJ Khaled have found themselves embroiled in some digital currency legal drama. The SEC has fined the boxer and producer in an Initial Coin Offering (ICO) crackdown for failing to disclose that they were getting paid to promote new digital coins.

According to the New York Times, the SEC claims that Mayweather was paid $100,000 USD and DJ Khaled $50,000 USD to promote a virtual currency by the start-up Centra Tech. Last year, Mayweather wrote in a Tweet, “Get yours before they sell out, I got mine,” with a link to the Centra token website. Mayweather and Khaled also both posted promotional Instagram posts. A few months later, the founders of Centra were arrested and charged with fraud, partly with the help of these celebrity promotions.

On Thursday, regulators announced that Mayweather and DJ Khaled will have to give back all of the money they received for those promotions as well as additional fines. Both agreed to settle the charges without admitting wrongdoing. Mayweather has agreed to give back $300,000 USD that he received from Centra and two other digital coin firms, an addition $300,000 USD penalty, and a three-year ban on promoting other digital coins. DJ Khaled will pay back $50,000 USD from Centra and a $100,000 USD fine.

Share your thoughts in the comments below.

Earlier this month, Floyd Mayweather announced that he is going to fight Tenshin Nasukawa, after previously denying agreeing to a fight.

Read Full Article

What to Read Next

Cardi B Will Be the AVN Awards' First Female Musical Guest
Music

Cardi B Will Be the AVN Awards' First Female Musical Guest

The event will also feature an “all-female cast.”

Travis Scott Unveils New Cactus Jack & READYMADE T-Shirt Collaboration
Fashion

Travis Scott Unveils New Cactus Jack & READYMADE T-Shirt Collaboration

Featuring lyrics from “Yosemite.”

Nike Air Max 95 Matches a "Grid" Underlay With Neon Glow Elements
Footwear

Nike Air Max 95 Matches a "Grid" Underlay With Neon Glow Elements

Pure ’90s vibes.


Adult Swim Announce a New 'Blade Runner 2049' Anime Series
Entertainment

Adult Swim Announce a New 'Blade Runner 2049' Anime Series

With Shinichiro Watanabe serving as executive producer.

Aimé Leon Dore Shares New SONNY NEW YORK Lookbook
Fashion

Aimé Leon Dore Shares New SONNY NEW YORK Lookbook

Inspired by NYC basketball.

Nike Air Max Plus 97 "305" Gets Dressed up Ahead of Art Basel
Footwear

Nike Air Max Plus 97 "305" Gets Dressed up Ahead of Art Basel

A colorway invoking the city’s art-filled Wynwood district.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.