Crypto influencer John McAfee arrested over ICO promotion

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John McAfee was arrested over tax evasion charges and for fraudulently promoting ICOs.

The successful internet entrepreneur founded the anti-virus company- McAfee- and later sold it to Intel. 

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In recent years, John McAfee has been involved in many crypto projects and is believed to make millions promoting various token sales projects (Initial coin offerings or ICOs).

The SEC (U.S. Securities and Exchange Commission) filed suits against him for promoting ICOs without disclosure that he was paid for by the ICOs. This practice is in violation of US security laws.

Jimmy Watson, Jr., his assistant, was also charged for his role in the scheme.

John McAfee is believed to make more than $23 million between 2017 and 2018 by marketing ICOs. A large portion of his compensation was paid of Bitcoin and Ethereum, which he did not pay taxes for.

A statement by the US Justice Department stated that John McAfee evaded taxes by having his compensation paid into cryptocurrency exchange accounts in the names of nominees. He is also accused of failing to declare his assets, which includes a yacht and several properties.

McAfee previously tweeted in his twitter account with millions of followers that he did not file tax for years because taxation is illegal.

The charges are, however, unrelated to the software company that bears his name, which was sold to Intel in the 90s.

John McAfee is an influencer with a strong personality in the cryptocurrency space, who often makes strong statements about Bitcoin prices. In 2017, McAfee made his infamous statement that he will eat his dick on national TV if Bitcoin price does not surpass $1 million by 31 December 2020.

It seems that McAfee might not have the chance to fulfill his public promise with the recent arrest.

The news that John McAfee arrested over tax evasion charges has sent a storm to the crypto community.

 

 

 

 

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