photo credit: Jamie Lamor Thompson // Shutterstock
If social media teaches you nothing else, its that all promotion is not good promotion. DJ Khaled and Floyd Mayweather are being hit with fines for promoting a cryptocurrency company that later turned out to be fraudulent. The two also allegedly did not disclose that they received payments for their promotion. Floyd was paid $100,000 from Centra Tech, while DJ Khaled was paid $50,000. Floyd has been hit with a $600,000 fine, and Khaled a $100,000 fine.
The two founders of the company were arrested earlier this year. In total, the two racked in $32 million worth of cryptocurrency which later was found to be fake.
Once again, all promo is not good promo. Plus, double check what you’re promoting!