On Monday, the U.S. Securities and Trade Fee filed suit in opposition to John McAfee for allegedly selling preliminary coin choices (ICOs) with out disclosing that the ICO issuers have been paying him, a violation of U.S. securities legislation.

Per the grievance: “From at the least November 2017 via February 2018, McAfee leveraged his fame to make greater than $23.1 million U.S. {Dollars} (‘USD’) in undisclosed compensation by recommending at the least seven “preliminary coin choices” or ICOs to his Twitter followers.”

The SEC mentions seven unidentified ICO issuers who privately communicated with McAfee’s crew to get him to publicly endorse their ICOs in alternate for fee in these cash and in Bitcoin. That is unlawful, and has beforehand beforehand provoked the fee to go after celebrities like DJ Khaled and Floyd Mayweather, who additionally promoted ICOs with out disclosing their monetary pursuits. 

The SEC’s grievance refers to a well-known second in McAfee’s lengthy historical past of outlandish predictions for Bitcoin’s worth. He in the end walked again these predictions and claimed he had solely been attempting to attract public curiosity in BTC.