When it comes to cryptocurrency hype, one of the biggest ways to get the blockchain fired up about an ICO is to pay a celebrity to make an endorsement – typically via social media. Jamie Foxx did it for Cobinhood and Katy Perry did it with a number of coins, of which she had the logos painted onto her fingernails. But, so far, there hasn’t been a huge number of superstars running to put their name behind one specific up-and-coming altcoin.
Maybe that’s because there is so much speculation, thievery and outright scams plaguing the crypto market, and putting your support behind a cryptocurrency could put your fans in a precarious financial situation should it not work out.
DJ Khaled and Floyd Mayweather should’ve thought of that.
Floyd Mayweather and DJ Khaled endorsed a shitcoin
Unfortunately for the millions of combined Twitter followers that DJ Khaled and Floyd Mayweather have, these two celebrities – one a chart-topping musical producer and the other famous boxer – tweeted out their support for a scam coin (I prefer the term “shitcoin”).
Way back in September, Mayweather tweeted out an image of him allegedly using a crypto credit card from a company called Centra to shop in Beverly Hills:
— Floyd Mayweather (@FloydMayweather) September 15, 2017
Then, around the same time, DJ Khaled tweeted out this:
I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the… https://t.co/iIbQwQCwD1
— DJ KHALED (@djkhaled) September 27, 2017
As it turns out, those cards weren’t really what investors thought they were putting their money into.
The founders of Centra have been arrested for fraud
Thanks to investigators at the US Securities and Exchange Commission (SEC), the two fraudsters who founded the company have been arrested. Their names are Sohrab “Sam” Sharma and Robert Farkas – and they lied to investors about having relationships with Visa and Mastercard, which was the whole appeal of the fake platform (the idea was that you could pay anywhere with crypto on these cards that DJ Khaled and Mayweather had).
They also did other shady stuff like creating fake executive biographies – and paying celebrities to fake that they were using the cards in real-life stores.
So, I guess Mayweather and DJ Khaled weren’t really shopping with those cards – how could they have been? It makes you think about these two celebs in a different light.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.