Floyd Mayweather Jr and DJ Khaled

The feds are investigating a cryptocurrency firm that duped investors out of $32 million. Centra Tech. Inc., a cryptocurrency that was promoted heavily by Floyd Mayweather Jr. and DJ Khaled, has been called a fraud.

Centra’s co-founders, Sohrab “Sam” Sharma and Robert Farkas, promised untold riches to suckers who invested in their the virtual coins (“virtual” means the coins aren’t really in physical form).

Unfortunately for investors who listened to Khaled and Mayweather, the cryptocurrency they invested in is allegedly a Ponzi scheme according to the US Securities and Exchange Commission.

via VLadTV — Sharma and Farkas are estimated to have duped contributors out of more than $32 million. In a statement that has been released to the press, the SEC notes that Centra Tech. relied on a sophisticated marketing campaign to sell its unregistered CTR Token.

“The defendants relied heavily on celebrity endorsements and social media to market their scheme,” co-director of the SEC’s Division of Enforcement, Steve Peikin, stated. The celebrities recognized for having touted the initiative are not accused of taking part in the scheme.

Photo by Andrew D. Bernstein

  • Lorenzo Chaps

    Rule of thumb should be if endorsed by a celebrity, get out. Fluff and promotion, that’s all this is. You don’t really know much about cryptocurrency, but it must be good cuz the celebrities “bought it.”

    Now remember, if ever a money scheme takes peoples money, the celebs will get at least a cut of theirs back, you won’t get any of yours.

  • bemetoo

    See that’s why I cash out on bit coin

  • http://tidal.com/#!/us/store/album/84712684 Django the God

    I don’t understand the appeal.

    A fiat currency is volatile enough as it is.

    Buy silver and gold.

    https://uploads.disquscdn.com/images/342eb75e6fd11553e51e5d4035026f69b543685744f6083bb8f2d2067a93b048.jpg

  • http://tidal.com/#!/us/store/album/84712684 Django the God

    You make a profit?

  • Rachel

    Floyd prob didn’t bother to read to the contract. Khalid prob endorsed so he can swindle the rappers into buying them fake coins so his son can stunt all over SM dripped in diamonds and toddler suits.

  • http://tidal.com/#!/us/store/album/84712684 Django the God

    I see what you did there.

  • http://tidal.com/#!/us/store/album/84712684 Django the God
  • Quitedeliteful

    LOLLOLLOL!!!!!!!

  • Quitedeliteful

    If it’s not in my wallet, piggy bank or verified bank account I am not interested…

  • HalleMerry
  • http://thedevereauxshow.com/ Ms.Devereaux

    THIS is why I DO NOT listen to a thing a celeb endorses MOST of them do it for free stuff kickbacks and payment!! They do zero research and all they do is repost and bandwagon I can’t understand why ppl even fall for this mess!! Petergunzs posted about vaccines killing kids he posted a meme then in the caption he says his kids are vaccinated but only because they can’t go to school without LIES!! I’m all staes you are allowed to file an exemption due to religous beliefs and other reasons. Further he has the resources to home school I wouldn’t dare subject my child to something that I believe would possibly kill them just so they could go to school or daycare. They need to hold these celebs responsible for certain endorsements if it could harm someone financially or health wise

  • http://thedevereauxshow.com/ Ms.Devereaux

    Lmao ???? toddler suits ??? I can not! The pediatric Steve Harvey line

  • http://thedevereauxshow.com/ Ms.Devereaux

    I know someone that did!! A good profit they even was able to load it to a bitcoin Visa card and withdraw the funds off from the ATM

  • Shawty

    Wow…glad I dragged my feet. Thought about getting some after bitcoin did so well. Thank you Lord for my procrastination. I need my few nickels and don’t need to be scammed out of them.

  • https://www.youtube.com/watch?v=z1lo6u-UIbo Nancy Drew-Natural & Luv’n It!

    LMAO!!!!!!!!!!!

  • http://tidal.com/#!/us/store/album/84712684 Django the God

    I’m not mad at that.

  • Logan Roberts

    Floyd can’t read the contract. *fixed that for you*

  • Logan Roberts

    Really Floyd how much more money do you need? I can totally see Khaled doing this.

  • Queen B

    They got my bro for 20k smh i may have invested about 2k but thats it

  • Jack Blakk

    Once again, I was born in the U.S. and raised in Brasil. My brothers and sisters don’t understand Cryptocurrency. We do it different in South America, but I can’t get through to my folks. Investing is the rich mans game, lots of people in the U.S. invest in Cryptocurrency and go under by not know how the U.S. view it. Maybe I’ll do a YouTube infomercial on how to get paid off Cryptocurrency, but trust me when everyone starts doing it they’ll probably send you to jail like they do in Venezuela!

  • bemetoo

    Yea

  • Bonny

    So it’s their fault people were willingly giving their money to what turns out to be a ponsi scheme?#dobettersheeple

  • MRiGOThim

    Floyd, is the sexiest lil snack ever…that’s all I got :P

  • Louisville Is4TheBirds

    If you aren’t dropping at least $20k, you have no business in the crypto game in the 1st place.

  • Y’all Jealous Cuz I’m Prudy

    The way my bank account is set up, I dont invest into anything without doing serious research first. I don’t have 20k to just give or throw away.

  • Y’all Jealous Cuz I’m Prudy

    ??????? Yep, Yep!!

  • sunni_daze

    They were just paid advertisers nothing more.

  • Ant Hill

    wow

  • Ant Hill

    really?

  • Louisville Is4TheBirds

    1 Bitcoin is equal to $16k last I checked… Keep in mind, when paid celebrities are endorsing any investments, that means you are already too late to make a real return.

  • Trace da Ace

    thats what happens when people believe shit on the internet….lol..yeah send me ya hard earned money…and I will turn it into millions “internet money”….biggest crock of shit I ever heard….NO THANK YOU

  • Trace da Ace

    LMAO!!!! You’s a mess!!!

  • http://www.missjhaneuniverse.com Monday

    Reminds me of the Uncle Rush card… biggest scam ever!!!!

  • Trace da Ace

    man….I got one of those when I was a teenager….and NEVER put any money on it…just kept it cause it was a “black card” and I wanted to act like I had money…lmao

  • Allihave2say

    In Floyd’s defense he’s functionally illiterate, the lawyers, accountants and brokers told him to invest in this and he did. He couldn’t read the bottom line.

    In DJ Khaled’s defense his son read the contract and said yes and daddy signed for it. He isn’t responsible.

  • TrollingStoned

    Floyd probably thinks crypto currency is a rapper that’s gang affiliated I doubt he researchs anything. And Dj Khalid is the same guy that shied away from calling Birdman out on owing him money so he seems like he likes to be conned