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John McAfee sued by the SEC for promoting cryptocurrency projects

The infamous creator of the McAfee antivirus has been sued by the SEC for taking $23 million in profit from promoting ICO projects without revealing he got paid for it.

John McAfee has already been running from the U.S. authorities for years, living internationally. According to Wikipedia, ‘On November 12, 2012, Belize police started a search for McAfee as a “person of interest” in connection to the murder of American expatriate Gregory Viant Faull. Faull was found dead of a gunshot wound on November 11, 2012, at his home on the island of Ambergris Caye.’

He was also running for the 2020 presidential campaign in the U.S. even though McAfee doesn’t live there.

The charges state that McAfee did ‘not disclose that he was being paid to promote the ICOs by the issuers’. Back in 2017 and early 2018, thousands of ICOs (Initial Coin Offerings) were being launched. John McAfee was notorious for pumping cryptocurrencies with just one tweet.

McAfee falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs, creating the impression that he had vetted these companies, that they were benefiting from his technical expertise, and that he was willing to invest his own money in the ventures. In reality, McAfee’s tweets were paid promotions disguised as impartial investment advice.

The complaint is 55 pages long and can be read in full here.  It also talks about McAfee using scalping to generate even further profits

Finally, McAfee engaged in a practice known as ‘scalping’ as to at least one digital asset security, by accumulating large amounts of the digital asset security and touting it on Twitter without disclosing his intent to sell it. Scalping generally allows promoters to sell their securities holdings quickly and profitably through market interest that they deceptively generate, and violates the federal securities laws.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin57,643 0.18 % 2.73 % 2.00 %
Ethereum2,062.7 0.37 % 4.34 % 7.67 %
Binance Coin415.96 0.08 % 10.81 % 37.40 %
Tether1.000 0.02 % 0.07 % 0.08 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.210 0.37 % 3.29 % 1.88 %
XRP0.9808 0.02 % 5.63 % 70.92 %
Uniswap29.66 0.61 % 5.75 % 5.77 %
Litecoin223.54 1.03 % 2.72 % 13.76 %
Chainlink32.31 0.85 % 5.16 % 10.70 %