Prominent music producer, DJ Khaled, and boxer Floyd Mayweather were charged by the Securities and Exchange commissions [SEC] after they failed to disclose the fees they received for the promotion of initial coin offerings [ICOs]. According to a report released by SEC, Khaled and Mayweather received $50,000 and $100,000, respectively from Centra Tech for promoting their ICOs.
The DJ and the pro boxer took to their social media accounts to inform their followers about the ICO where Khaled called Centra a “game changer”.
Mayweather also tweeted about the same, saying “you can call me Floyd Crypto Mayweather from now on”.
In a statement, SEC stated:
“Without admitting or denying the findings, Mayweather and Khaled agreed to pay disgorgement, penalties, and interest. Mayweather agreed to pay $300,000 in disgorgement, a $300,000 penalty, and $14,775 in prejudgment interest. Khaled agreed to pay $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest.”
The SEC has been on its toes to crack down on ICOs, which has escalated through a sudden investment to one of the agencies top enforcement policies. The ICOs include the sale of digital tokens in relation to blockchain projects. After tracking them down, some of those projects were near completion, while many turned out to be mere scams.
The SEC had announced that it had opened dozens of investigations into fraudulent ICOs and other cryptocurrency assets. The SEC had also stated that it reached settlements with two companies selling tokens in ICOs, which had generated a sum of $27 million from the ICOs a few weeks back.
However, the founder of the company, who paid the DJ and the footballer, was also charged by SEC with fraud in April. It stated that the $32 million that the ICO had raised with the help of the Khaled and Mayweather was “a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses”.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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