![]() ![]() McAfee and Watson also used Twitter to promote digital tokens on behalf of initial coin offerings without disclosing they were being paid for their efforts by the startups, according to the indictment. When engaging in illegal activity, simply finding new ways to carry out old tricks won't produce different results," FBI assistant director William Sweeney said. "McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme. ![]() Pump-and-dump schemes typically involve over-hyping the value of stocks or, in this case cryptocurrency, by holders so that they can be sold at artificially high prices. "McAfee and Watson exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception," US attorney Audrey Strauss said in a release.Īccording to Strauss, McAfee, Watson, and other members of their "cryptocurrency team" allegedly "raked in more than USD 13 million from investors they victimized with their fraudulent schemes".
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