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BECAUSE OF ICO ADVERTISING: SEC FINES EMPLOYEES OF JOHN MCAFFEE USD 375K

 


ICO promotion by John McAfee

In 2017-2018, there was a sharp surge in bitcoin due to the block halving at the time, which injected new money into the entire crypto market. In addition to Bitcoin, Ethereum was able to develop an innovative area of ​​application - which today, 2022, is already considered the standard for many projects. Because of the implementation of smart contracts at that time, i.e. digital contracts, the first ICOs could be processed on the Ethereum blockchain in the form of a token.


In 2017, a new crypto project did not first have to be programmed on its own blockchain, which initially runs with relatively little computing power, but could directly use the functions of Ethereum's smart contracts. This reduced the costs for such a start enormously, because suddenly lay people could set up their own project on ETH in less than an hour with the help of online applications.


In order to reach the largest possible number of users, various public persons were now used. John McAfee also appeared more and more as a promoter of these projects. He was offered at least a six-figure sum per project. With a short tweet, the project was able to experience an enormous reach, which had the effect that the coins could quickly show an enormous increase.


It was clear that this increase would not last. John McAffee and his employees have often bought themselves large beforehand, not only to be paid for the tweet, but also to generate additional money from this pump and dump scenario. That, of course, on the necks of naive investors.


John McAfee passed away a few years ago. Now , during the remainder of the trial , McAfee employee Jimmy Gale was fined $ 375,000 . This is intended to protect users from public figures if they only advertise a project to make money.

In fact, since the technical feasibility of smart contracts in 2017, dozens of new projects have come onto the market every day. Only in times of the bear market does the number seem to decrease somewhat. Nevertheless, most of these projects are unsuccessful in the long run. Accordingly, such projects fail again quickly.


The speculative investment of young ICO products is associated with enormous risks, which most buyers cannot assess at all. In most cases, there is simply not enough information on the individual projects. Therefore, especially for newcomers, only the purchase of Bitcoin can be considered relatively safe. Nevertheless, anything can happen in the crypto world that can quickly become karma for investors.

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