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What happens to Influencers that promoted ICOs and Crypto projects?

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Floyd Mayweather paid $600,000 in a settlement against SEC charges, who’s next?

SEC issued a public statement in November of 2017 warning individuals promoting investment vehicles such as stocks, ICOs, cryptocurrencies and other investments without disclosing their compensation arrangements.

Specifically, SEC stated that “these endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.”

The operating word here is ‘disclose’.

Interestingly, providing a ‘disclaimer’ stating that ‘I am not a financial advisor and do not rely on my opinion’ is not enough. You have to disclose if you are being compensated for promoting / shilling.

Cryptotapas has not endorsed any project because someone offered financial incentives.  We have always picked projects that personally interested us and we share what we come across during our research it leads us to either invest or ignore a particular project.

That is not the case for many social media influencers.

Many backroom deals are entered into before an influencer talks about a project, all without disclosing that they are being compensated.

ICOs and Crypto projectsAccording to Doug Polk’s YouTube Video, Suppoman was caught on live video when a message from Indahash team offering 2 BTC popped up on his screen, in the video, we can see that Suppoman immediately reacts “Oops, you didn’t see that”. Suppoman later denied having anything to do with shilling the project for money.  It would be interesting to see influencers in such a predicament would be bought under investigation, and if so, how? Suppoman does not live in the United States, he lives in the United Kingdom.

In another case, a letter made circles in the crypto community talking about corruption (or insider trading of sorts) involving Ian Balina. It would be interesting to see if this alleged shill will come to light and what action this will result in. According to his LinkedIn page, Ian Balina lives in Washington DC.

ICOs and Crypto projectsOn November 29, 2018, SEC settled charges with Floyd Mayweather Jr. and Khaled Khaled (DJ Khaled), “for failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs).” Mayweather paid $614775 and Khaled settled $157,725, without admitting or denying the findings to settle the charges by SEC.  This latest action re-triggered the discussion about SEC going after social media influencers who hid their private dealings about getting compensated for promoting / shilling a particular project is what is going to be the hot topic going into 2019.

Will SEC take the same route of imposing penalties against the social media influencers who concealed the information about being compensation for promoting / shilling about an ICO or crypto project or will SEC press for more serious charges?

We will have to wait and see.

IMPORTANT DISCLAIMER

This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

RK Reddy is an ardent fan of Blockchain and Cryptocurrencies.  You can see the excitement about this new technology in every article on Cryptotapas.com.  Sometimes this excitement leads to an overly optimistic view.  Guilty as charged.   RK Reddy says “what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to the similar frame of reference.”  Of course, that is just his opinion.

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ICOs and Crypto projects

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Press Release

Check that App! Crypto Scammers Hit AppStore and Google Play!

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Crypto App Scam

Yes, there is an app for everything. Even for scammers.

Turns out scammers are going full app on unassuming crypto folk by launching apps on the Apple’s AppStore and Google play stores.  

One would assume that the likes of Apple and Google would have a decent scrutiny to weed out bad actors, but apparently, the size of their app stores is so big that – some fall through the crack.

What is an innocuous mistake on the company’s part could cost you your crypto savings.

Here is how the scam works

There are essentially two ways how these bad actors slip into the app stores.

Scam from the get-go

The app is created to steal crypto from the innocent folk by offering a service that looks, feels and sounds genuine.

You could even have LinkedIn profiles, developer kits, etc., to attach as much legitimacy as possible.

Sometimes, these scammers are patient. They can carry on the scam for more than a few months (and even years) to earn the trust.

Some others take the shortest route. 

For instance, Washingtonpost reported that someone created a Trezor app and one Mr. Phillipe Christodoulou assumed this to be an extension of the Trezor hardware wallet.

Philippe entered private keys in the app and saw his $600,000 worth of bitcoin savings get stolen.

Genuine app morphed into scam portal

Some apps use the indirect route of acting like a genuine app and then slowly morphs into a scamming machine. 

By the time the stories of scam get out, they will manage the reputation with some stalling techniques with fake customer support and tickets, etc.,

Once they have scammed enough people, they will rinse and repeat.

Do not save your seed on your cloud

One user got his tokens from a Trust wallet stolen. 

What scammers did first was to hack this individual’s google play store, accessed his cloud files and procured the seeds from the cloud drive.

We hear so many stories of the scams that we have written multiple articles to make you aware.

You can find them linked below…

Be careful out there. It’s a virtual wild west.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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Press Release

Royale Finance Partners with Boson Protocol Enabling Players To Purchase Real-World Items With Currency Earned In Game

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Boson Protocol Royal Finance Partnership

Game On: Royale Finance Partners with Boson Protocol Enabling Players To Purchase Real-World Items With Currency Earned In Game

Partnership will allow iGaming users to purchase real-world products in-game for the first time

Boson Protocol, the project using smart contracts to power real-world commerce, has announced a strategic partnership with Royale Finance, the cross-chain DeFi solution for the iGaming industry, paving the way for the first iGaming product to allow consumers to purchase real-world items. iGaming, an umbrella term which relates to all online betting or gambling, is a rapidly growing industry expected to be worth $100b by 2025.

Boson Protocol aims to create a decentralized commerce ecosystem and enable the autonomous exchange of digital value for physical products and services, minimizing arbitration, cost, and trust. In a major step for the dCommerce ecosystem, Boson Protocol and Royale Finance will allow players to purchase real-world items with the crypto they earn in games or have stored in their wallets without the use of off-ramp solutions. Royale Finance is a cross-chain DeFi solution for the iGaming industry that creates Web 3.0 smart-backed liquidity, allowing iGaming entrepreneurs to bootstrap innovation with the security and transparency of the blockchain.

Justin Banon, CEO and Co-Founder of Boson Protocol, said, “Our goal is for Boson Protocol to become the basic plumbing for commerce and its data on the emerging decentralised web. This partnership is a real game changer — not only are we developing and nurturing this ecosystem, we are facilitating the creation of an industry first: consumers can now purchase real-world products using the rewards they have earned in-game, without having to exchange for fiat currency. This is a major step forward for the industry, but also for the dCommerce ecosystem as a whole. ”

Giorgio Andrews, CEO of Royale Finance, said, “Centralization has stifled innovation in many sectors, most notably in the iGaming industry. However, through emerging technology such as that leveraged by Boson Protocol, we have a real chance to breathe new life into the industry. dCommerce, paired with the iGaming sector, puts control firmly in the hands of the user, allowing greater fairness and accessibility in the space. This partnership signifies an innovation that will revolutionise the way we interact with the gaming space by enabling players to purchase real-world items in game without the requirement of conversion to fiat, making cryptocurrencies just as usable in the real world as they are in our favourite virtual spaces.”

Boson Protocol is a web 3.0 primitive that acts as the foundational infrastructure to connect smart contracts with real-world commerce and its data to power the decentralized autonomous commerce revolution. Through NFT vouchers, Boson Protocol allows for future trade commitments to be tokenized, enabling enterprises, organisations, and customers to bridge the divide between digital decentralized technologies and the transfer and trade of physical goods.

This is the latest in a slew of high-profile announcements for Boson, who last month  successfully concluded its SAFT (Simple Agreement for Future Tokens) Round, having raised an additional $3 million USD in investment, as well as announcing the creation of 15 new roles, and partnerships with companies including Lead Wallet, Gather Network, and Orion Protocol.

About Boson Protocol

Boson Protocol is a foundational primitive which solves the digital to physical redemption problem to enable decentralized autonomous commerce.  Boson disrupts closed ecommerce platforms with an open, tokenized economy of things, powered by DeFi and Web3 data.

About Royale Finance

Royale Finance is a cross-chain DeFi solution that uses liquidity pools to provide funding for iGaming startups using provably fair algorithms which randomize number generation. This ensures that players cannot be cheated and are a verifiable source of truth, supporting innovation and transparency in the sector. As a double layer of security, these random number generators (RNG) are also certified by an accredited testing lab for quality assurance. Any iGaming startup must be licensed and have its provably fair RNG certified before Royale provides the liquidity. The Royale Finance ecosystem is powered by ROYA, a valueless governance token used as a  coordinating mechanism between DeFi liquidity providers within the Royale Finance stablecoin collateral pool, which disperses loans to iGaming startups. This ‘optimized liquidity’ helps seamlessly power iGaming innovation, and is the first network-driven liquidity approach to bridge DeFi with iGaming. Royale Finance is backed by Fomocraft Ventures, AU21 CapitalKyros Ventures, Vendetta Capital, and Alphabit Fund.

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Press Release

Discussions.app to Launch Reputation System Exclusively on Telos Blockchain

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telos Discussion app

Decentralized media platform Discussions.app is developing its infrastructure and reputation system on Telos, completing a full migration from EOS

LONDON –– March 2, 2021 Telos (www.telos.net), one of the most active blockchain platforms in the world according to Blocktivity and CryptoDiffer, today announced that decentralized media platform Discussions.app will be using Telos as the primary infrastructure and development platform for its Aura, a decentralized reputation system aimed to provide DApps a sense of the value of their interactions by providing an intuitive and direct way to quantify the “realness” of a user. Discussions.app will be migrating all of its core operations and content from EOS, where Discussions.app had been one of that blockchain platform’s more popular DApps.

“In the time we’ve spent working with Telos, we couldn’t ask for a more capable or engaged partner. What we are looking to do now is a full migration to Telos. This will better serve Discussions.app and our users by focusing on a well-governed, and well-operated blockchain with a clear vision of the future.” said Jacques Xu, Co-Founder of Discussions.app. “We will continue to support and honor EOS tokens on our platform, but will move our core smart-contracts on to Telos and be prepared to tap into the technical advancements to come on Telos.”

Discussions.app is a decentralized, Reddit-inspired social aggregation platform that empowers users to control their own digital identity and connections while sharing content from anywhere on the web, regardless of unilateral actions by other host platforms. Integral to Discussions.app is its new reputation system, to be built on Telos, which simplifies the process for interacting with blockchain technology and provides developers with critical data about its users.

“We are not only technically in sync with Discussions.app, but philosophically in sync as well. We are honored and excited that the Discussions.app team feels our platform has everything it needs to take the development of technologies like Aura to the next level,” said Douglas Horn, Telos Chief Architect. “We look forward to joining with other apps and platforms like Discussions.app that want and need every resource possible to build the future of the decentralized web.”

In addition to speed, capacity and zero transaction fees, Telos has many advantages over other platforms that make it the most advanced blockchain software for smart contracts and decentralized applications. Telos’ governance structure gives developers and community members control of the platform to a greater extent than any comparable blockchain, rather than a centralized entity, small groups, or individual whaled and these governance functions are made available to any Telos developers to use in their own DApps via the Telos Decide governance engine. The Telos network currently supports 10,000 transactions per second (TPS) with zero transaction fees, compared to Ethereum’s 14 TPS with fees.

The full Telos Technical Roadmap 2021 can be viewed here.

About Telos

Telos is a high-capacity network and one of the most active blockchain platforms in the world according to Blocktivity. Telos features a robust, third-generation blockchain governance system including advanced voting features and smart contracts that can be fully configured to meet the needs of any developer. Created by developers for developers, Telos extends its state-of-the-art blockchain and governance features to all DApps on its platform, delivering the best user experience in the marketplace. Telos also supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications. For more information, please visit www.telos.net.

About Discussions.app

Discussions.app is a decentralized media platform that empowers users to control their own digital identity and connections while sharing content from anywhere on the web. The network is powered by the ATMOS token. To learn more, please visit discussions.app.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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