A scam shut down – The pale copies trying to ride the incredible momentum that Bitcoin Billionaire is generating are sadly endless. The Securities and Exchange Commission (SEC) has, once again, condemned one of these scams: „Bitcoiin2Gen“.
Bitcoiin (with 2 „i“): a textbook case of crypto scam
With all the scams and scams taking advantage of the cryptosphere, the SEC has its work cut out for it. In parallel with the big fish that Ripple’s XRP represents , we have also learned that it had pinned the fake Bitcoiin2Gen (B2G) project.
In a press release issued on February 1, the US financial policeman announced that it had launched legal proceedings against three people accused of extorting more than $ 11 million to hundreds of small individual investors.
From December 2017 to May 2018, Kristijan Krstic , founder of Start Options and Bitcoiin2Gen, and John DeMarr , main promoter of these companies, have already been accused of carrying out fraudulent and unregistered offers to sell digital assets, considered as securities (securities) .
Fake crypto-exchange and illegal ICO
The Start Options platform was presented by the 2 accomplices as „the largest Bitcoin exchange in terms of volume and liquidity in euros“ . An assertion as fraudulent as it is misleading, intended to attract ill-informed investors.
The accomplices, assisted by a third individual, named Robin Enos , promoted, from January 2018, the ICO ( Initial Coin Offering ) of the B2G token, again giving various false information as to the nature and especially to the usefulness of this „crypto“ . In truth, the money has been embezzled for their own personal gain.
We will recall that in February 2020, the film actor Steven Seagal had already had legal disputes with the SEC because of Bitcoiin2Gen. The star was indeed promised $ 750,000 in B2G tokens and $ 250,000 in cash to promote this ICO. Even if he had claimed to have been cheated himself, receiving in the end only 157,000 dollars , he still agreed to pay double this amount in compensation to the regulatory body.