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.

ICO Scammer Maksim Zaslavskiy Sentenced to 18 Months in Prison

Michael LaVere
  • 24 Nov 2019
  • /
  • In #ICO

Maksim Zaslavskiy, a 39-year-old businessman from New York, has been sentenced to 18 months in prison after being convicted for "conspiring to commit securities fraud", or more specifically running initial coin offering (ICO) scams. 

The sentence was given by Senior United States District Judge Raymond Joseph Dearie on Monday (November 18) at the United States District Court for the Eastern District of New York

Zaslavisky was indicted in November 2018 as owner of the Diamond Reserve Club and REcoin Group Foundation, a pair of fraudulent cryptocurrency investment schemes. Zaslavisky was accused of marketing and selling both projects as coins backed by real-world assets. The REcoin ICO, in particular, was said to have been backed by real estate holdings that would provide intrinsic value for the coins and its buyers. Likewise, the Diamond Reserve Club was said to have been backed by real diamonds.

Zaslavskiy created fake whitepapers for each project and claimed both ICOs were supported by a team of “lawyers, professionals, brokers and accountants.” However, authorities discovered there were no assets backing the digital coins and no team of professionals supporting the project. It is estimated that Zaslasvskiy defrauded more than one thousand investors of funds and pocketed the money before abandoning the projects altogether. 

U.S. Attorney Richard Donoghue, who oversaw the prosecution of Zaslavskiy, said:

Zaslavskiy committed an old-fashioned fraud camouflaged as cutting-edge technology. This Office will continue to investigate and prosecute those who defraud investors, whether involving traditional securities or virtual currency.

 

Featured Image Credit: Photo via PIxabay.com