TMZ Claims Floyd Mayweather and DJ Khaled Embroiled in $25 Million Crypto Scam Lawsuit

Alan Wass

Boxing royalty Floyd Mayweather and music producer DJ Khaled are allegedly embroiled in a $25 million crypto scam and are supposedly being sued for their involvement.

Floyd Mayweather is used to being intrinsically linked with his ‘money’ moniker, but this ‘money’ matter involving his promotion of the Centra Tech crypto scam is causing the pugilist some grief.

Lawsuit for Mayweather and Khaled?

According to exclusive TMZ report, both Mayweather and the much-celebrated hip-hop beat-maker, DJ Khaled have been allegedly caught up for being celebrity endorsers of the $25 million Centra Tech crypto scam. It is believed by TMZ that Mayweather and Khaled are actually involved in the lawsuit for promoting the digital asset across their social media platforms.

The report also stated that investors in the scam are looking to retrieve their money, alongside seeking damages from not only Centra Tech but also the two celebrities.

At this moment in time, the news is still somewhat suspect. It is still unclear whether the two have been indicted based on new information in regards to the crypto scam, or are part of the class action filled in June this year claiming that Centra Tech was violating SEC regulations while selling their CTR token.

Centra Tech Crypto Scam

The Centra Tech crypto scam was first unearthed earlier this year when a magistrate judge released a report that the tokens being sold by the Centra Tech ICO were securities. Centra Tech’s three co-founders Sohrab Sharma, Raymond Trapani, and Robert Farkas were arrested and detained in April and were later accused of defrauding investors in the alleged ICO scam.

Authorities at the time alleged that the trio was making false claims in regards to their token and about its relationship with credible financial networks. It was also claimed that the ICO was illegal and that the founders lied about partnership deals and supposed collaborations with MasterCard and Visa.

The co-founders are currently facing a combined total of 65 years in prison and will be subject to financial penalties for their involvement in the crypto scam.

Although Mayweather and Khaled are not directly linked in the scam, they both promoted the CTR token across their Instagram accounts in the pre-sale stage of the ICO. Mayweather encouraged investors to “join Centra’s ICO on Sept. 19th” in a screenshot from TechCrunch.

DJ Khaled also promoted the CTR token on an Instagram post that said: “The Central Card & Central Wallet app is the ultimate winner in Cryptocurrency debit cards.”

Although TMZ has reported that Khaled and Mayweather are now being sued for their involvement in the crypto scam, neither parties have released a statement on the matter.

Bank of England Governor Recommends Replacing Dollar With 'Libra-Like' Digital Currency

  • BOE Governor Mark Carney proposed replacing the US dollar with a libra-like digital currency as the global reserve. 
  • Called for a dramatic shift in policy to address the changing economic landscape. 

Bank of England Governor Mark Carney has made a radical recommendation for central banks that the U.S. dollar be replaced with a Libra-like digital reserve currency. 

Replacing the Dollar

Speaking at the Federal Reserve’s annual Jackson Hole Symposium on Aug. 23, Carney called for a dramatic shift in global monetary policy that would see central banks taking a greater interest in digital currencies such as Facebook’s forthcoming libra. 

The BOE Governor’s proposal would replace the U.S. dollar as the world’s reserve currency with a digital alternative. While it was unclear if Carney was actually suggesting that libra could be used to fill the void, his intent was to spur interest in a fiat alternative for global reserves. 

Carney argued that proactively replacing the dollar with a digital coin substitute would be preferable to allowing another national currency usurp its status--such as the Chinese renminbi. 

He pointed to the global economic uncertainty in part being generated by deteriorating U.S. trade relations, 

The combination of heightened economic policy uncertainty, outright protectionism and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy.

He continued, 

When change comes, it shouldn’t be to swap one currency hegemon for another. Any unipolar system is unsuited to a multi-polar world. We would do well to think through every opportunity, including those presented by new technologies, to create a more balanced and effective system.

Cryptocurrencies Gaining Prominence

The introduction of a non-fiat currency could have the effect of devaluing the dollar, and most national currencies, which could be one way for central banks to introduce inflation to erode away the record levels of debt accumulating globally. 

Some have speculated that an alternative asset such as gold could be used as an intermediate. However Carney, who announced several months ago he would be stepping down as Governor of the BOE, has shown a route to fiat alternatives which includes the creation of digital currencies.

He lauded the technology for its efficiency in payments and cross-border transactions, 

The most high profile of these has been Libra – a new payments infrastructure based on an international stablecoin fully backed by reserve assets in a basket of currencies including the US dollar, the euro, and sterling. It could be exchanged between users on messaging platforms and with participating retailers.

While Carney’s suggestion to replace the U.S. dollar is one of the most radical proposals yet, it does give insight into the global trend in central banks to pursue digital currencies as an alternative to their outdated fiat counterparts.