Home
News
Looking upon the track record in NFTs and crypto space, it seems quite the opposite of what one of the greatest boxers,Floyd Mayweather, has in his boxing career.
If you are someone who followed crypto space along with the celebrity endorsements and interference in the industry, you might be aware of Floyd Mayweather’s performance in the crypto industry. Looking at his past performances in crypto and related stuff, if anything following that is to go by, the prominent Boxer may end up in yet another not so pleasing encounter with financial regulators.
On Tuesday, Floyd Mayweather Jr proudly announced through a video posted on Twitter of launching Mayweverse, a project consisting of 5,000 NFTs. He said he’s been working on the project for the past several months, and in his pitch, he stated that ‘I don’t lose at nothing’ (kind of title he called himself and famous with) is back. Calling out the people in crypto, Floyd further said that if they are in the NFT world and betting on him, they will never lose.
But looking at the track record of Boxer in the cryptosphere, the story is far different than he claims to achieve or somewhere close to it. As it turns out, probably the most challenging opponent for one of the all time greatest boxers could be the US Security and Exchange Commission.
At first, Mayweather and crypto crossed paths when the boxers got into the promotion of the initial coin offering or ICO of Centra Tech in 2018. Later on, the project turned out to be a scam, and for which Mayweather received a fine of $100,000 for his part. Even though many considered this to be light on Mayweather as the founder of the crypto debit card scam, Centra Tech Sam Sharma got sentenced to prison for eight years.
After that, in a similar time zone, the Boxer also participated in other dubious ICO promotions such as HubiiNetwork and STOXX. When the SEC investigated, Mayweather’s participation profited him about $300,000 to promote the projects.
Then was time for an ensuing fight between the commission and Mayweather, in which the regulatory authority remained hard on the renowned Boxer. Mayweather’s profit of $300,00 was first hooked by the SEC and, on top of that, imposed a fine of another $300,000 and offered a $14,775 interest repayment. Finally, the Boxer had to pay the SEC total of $614,775.
As if that was not enough for Mayweather, the SEC banned him from promoting any securities for three years. So, ultimately the famous mister I don’t lose at nothing, lost the fight with the regulatory authority with the 3-0. Now when he is upto launching his NFT collection, it’s a matter of time when it comes in front of us if Floyd wins this time or the SEC will entail the Boxer, once again.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
