Floyd Mayweather and DJ Khaled Sued for Involvement in Centra ICO Scam

World-renowned boxing champion Floyd Mayweather and famed record producer DJ Khaled are dealing with the fallout of a class action lawsuit due to their involvement with Centra Tech's CTR token, a crypto asset the suit claims is a scam that cost investors millions of dollars.

Since last year, both of them have enthusiastically posted about the Centra ICO on Twitter with the caption "You can call me Floyd 'crypto' Mayweather from now on." In one tweet, Khaled referred to the Centra card and wallet app.

The Centra Card & Centra Wallet app is the https://t.

Filed last year, culminated in the Securities and Exchange Commission charging Centra's founders with "Orchestrating a fraudulent initial coin offering." The suit claims $32 million was stolen.

From backers of Centra's fraudulent token in 2017, and hinges on the accusation that CTR tokens were bought and sold as unregistered securities.

The two founders were arrested in April 2018.Centra claimed during the ICO, its customers could use their "Centra card" product to spend crypto using their conventional Visa or Mastercard debit cards, according to court documents.

No actual business relationship between Centra and the card companies appears to have existed, and investors contacted the company founders to request a refund based on that misrepresentation.

Centra Founders Lied About Paying for Celebrity EndorsementsMayweather and Khaled are being drawn into the suit for their roles as celebrity endorsers of Centra's product.

"When he was contacted by a Fortune magazine reporter about the celebrity promotions of Centra, Trapani claimed that two well-known celebrities had each been hired as a"managing partner" of Centra.

When the reporter asked whether several posts to social media by one celebrity were part of a sponsorship or paid advertisement, Trapani responded, falsely: 'No [he] is an official brand ambassador and managing partner of Centra Tech now.