Plenty of celebrities have openly endorsed initial coin offering in 2016 and 2017. It was a matter of time until that type of behavior would have negative repercussions.
Steven Seagal is one of the multiple celebrities paid to promote an ICO.
Steven Seagal Pays a Hefty Price
At the time, there was no pressure by the SEC for such projects.
Years later, Seagal came under scrutiny of the SEC for his association with an initial coin offering endorsement.
His endorsement pertains to Bitcoiin2Gen, an ICO which never amounted to much.
Steven Seagal hinted on social media to not miss out on this ICO.
For this behavior, the movie star is now fined $330,0000, as Bitcoiin2Gen is an unregistered security offering.
Becoming the brand ambassador of a project intent on raising millions despite having no business plan is never a smart decision.
It appears that Seagal also received $1 million for promoting this initial coin offering, which is a very substantial amount.
Of that transaction, $250,000 was paid in cash, and the remainder in the Bitcoiin2Gen tokens.
As this token plummeted in value after the ICO, it never amounted to much.
Steven Seagal never disclosed how he received a payment for his endorsement, albeit most people acknowledge he would never do something like this free of charge.
Image(s): Shutterstock.com
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