Floyd Mayweather, the undefeated boxing champion, is facing allegations of promoting a suspicious cryptocurrency token.
Pump and Dump Suspicions
Mayweather has been accused of promoting several unregistered cryptocurrency ventures without disclosing payments. Critics believe these promotions are “pump and dump” schemes, where celebrities artificially inflate prices before cashing out.
Mayweather’s latest alleged offense involves the “FLOYD” token. He hyped it on social media but abruptly deleted his posts, raising concerns of a potential “rug pull.”
Past Controversies
This is not Mayweather’s first run-in with crypto controversy. Investors who followed his lead in EthereumMax and Bored Bunny NFTs have reportedly lost significant money.
SEC Investigation
The Securities and Exchange Commission (SEC) is investigating Mayweather for allegedly failing to disclose payments he received for promoting risky investments. In 2018, he was fined over $600,000 for similar ICO promotion blunders.
Investor Caution
Experts advise investors to be cautious of celebrity endorsements in the cryptocurrency market. They should always conduct their own research before investing, as knockouts can come from unexpected corners.
