Former boxing champ Flyd Mayweather and famous music producer DJ Khaled are being linked together as a part of a multi-million dollar scam. Reports are that Floyd and DJ Khaled were involved in the promotion of a crypto-currency firm, Centra Tech during 2017's "initial coin offering (ICO)" events.
Founded by Sam Sharma and Robert Farkas, Centra Tech is a company which raise funds through the sale of crypto currency tokens. As per the reports, Centra Tech was not legal and did a multi-million dollar scam.
Sharma and Farkas have been arrested over charges related to security and wire fraud. Former boxer Mayweather and music producer DJ Khaled are being linked to the company
The company, Centra Tech claimed to have partnered with Visa and Mastercard for issuing a debit card for crypto currency. Later, the claims made by the company were falsified by the official's of Visa.
US Securities Exchange Commission (SEC) has filed a civil suit against the company for misleading investors. Co-founder Centra Tech said in an interview: "Internationally we currently have our license with Mastercard to service international clients, domestically we have a Visa partnership, so we're able to issue Visa cards domestically."
On a related note, Visa has issued a cease-and-desist against Centra Tech for mentioning Visa's reference during the ICO. However, no one from Cenra Tech has commented on the same.
As per the final verdict, the US SEC stated: "Both Sharma and Farkas were aware, were reckless in not knowing, or were negligent in not knowing that Centra had no relationship with Visa or Mastercard at the time of the Centra ICO."
Both the celebrities including Floyd Mayweather and DJ Khaled have not shared any official statement about the same.