Manny Pacquiao’s Cryptocurrency Could Finally Launch by the End of 2018

Alan Wass
  • 16 Oct 2018
  • /
  • In #ICO

Manny Pacquiao’s eagerly-awaited cryptocurrency may finally be launched by the end of 2018 after many months of talk and speculation in the crypto-sphere.

As crypto-assets launched by famous sports legends and celebrities are massively trending in 2018, Manny Pacquiao’s cryptocurrency had seemed to stall somewhat after major reports of its creation earlier this year.

Pacquiao is Punching Above his Weight as Usual

As rumors of a Floyd Mayweather Vs. Manny Pacquiao rematch is making international news, a punch aimed at Mayweather’s face is not the only thing the legendary Filipino boxer plans to launch his year. The proposed Singapore-based Pac Token, which is Manny Pacquiao’s cryptocurrency, could finally come to fruition by the end of the year says the StraitsTimes.

According to the news outlet, the Singaporean based Global Crypto Offering Exchange (GCOX) will be the ones charged with the task of launching the boxer’s exciting new Pac Tokens. The crypto-asset is looking to benefit from the massive popularity of the legendary pugilist across the Asian continent.

The chief communications officer at GCOX, Evan Ngow was reported by the StraitsTimes to have assured the public that the only delay in the launch of Manny Pacquiao’s cryptocurrency is waiting for the go-ahead from the Philippine Securities and Exchange Commission. According to Ngow, this will be finalized before the end of the year or early next year at the latest.

Manny Pacquiao’s Cryptocurrency Relationships

The legendary fighter is an eight-division champion who is known for his rags-to-riches ascension from a poverty-stricken upbringing in General Santos City in the Philippines to the pinnacle of the boxing world. His rise to not only becoming one of the greatest boxers of all-time but also as a godlike figure in the Philippines and as a leading political figure is simply awe-inspiring.

Pacquiao is already an ambassador for the blockchain platform tGCO, which helps celebrities to create their own crypto-asset that fans can then use to pay for exclusive content and goods sold on the GCOX platform. Manny Pacquiao is not the first or only sportsperson to align himself with a crypto-asset.

Other famous boxers such as Floyd Mayweather and footballers such as Ronaldhino, Michael Owen (on GCOX) and Didier Drogba have allowed their names to be used in the promotion of certain ICOs and crypto-asset projects.

Time will tell if Manny Pacquiao’s cryptocurrency can leverage the massive popularity across South-East-Asia that makes the Filipino fighter-turned politician a messianic figure to millions of Filipinos.

SEC Accuses California Scammers of Using Fake Crypto Trading Bot to Defraud Investors

Michael LaVere
  • The SEC has accused the founders of Dropil, Inc. of defrauding investors with a fake crypto trading bot and falsified profitability reports.
  • The complaint alleges the Dropil founders diverted investor funds from the DROP ICO to their personal digital asset and bank accounts. 

The U.S. Securities & Exchange Commission (SEC) alleges three California scammers defrauded investors of millions using a fake crypto trading bot and falsified reports. 

According to the complaint filed by the SEC on April 23, the SEC has charged Dropil, Inc. and it’s three California-based founders with defrauding investors in a “fraudulent and unregistered” initial coin offering (ICO) which raised more than $1.8 million from thousands of investors. 

Dropil, Inc. founders Jeremy McAlpine, Zachary Matar and Patrick O’Hara were accused of selling DROP tokens from January to March 2018. The complaint states investors were told their funds would be pooled and used to trade various digital assets by a “trading bot” named Dex, using a proprietary algorithm designed by Dropil. Investors were promised a distribution of the profit in DROP tokens every 15 days. 

However, the complaint alleges investor money was diverted to other projects, as well as the founders’ “personal digital asset” and bank accounts. Dropil also allegedly created false profitability reports, giving the appearance that the program was profitable. 

The founders were accused of misrepresenting the volume and value of DROP sold during and after the ICO, claiming they had raised $54 million from 34,000 investors despite only receiving $1.9 million from less than 2,500 participants. 

Featured Image Credit: Photo via Pixabay.com