An old user of the crypto market remembers the years 2017 and 2018 and how they were marked by the abundance of ICOs.

Where there was a variety of actors, athletes, and music artists promoting and linking their names with these projects, including good projects and others without.

Recently, the US Securities and Exchange Commission (SEC) announced that it would continue pressing its case against participants in a fraudulent crypto project linked to actor Steven Seagal.

According to a lawsuit from the US Securities and Exchange Commission (SEC) filed in the US District Court for the Eastern District of New York, three individuals who run Start Options and Bitcoin2Gen fraudulently persuaded small investors to invest more than $11 million in cryptocurrencies. And the products were much less than they claimed.

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Founder Christian Kristek and chief supervisor John Demar ran Start Options, which they marketed as a cryptocurrency trading and mining platform, as well as Bitcoin2Gen, which operates a cryptocurrency of the same name, which the SEC says is scam.

According to the complaint filed with the Securities and Exchange Commission:

Demar fraudulently embezzled at least $1.8 million for his own benefit, including the purchase of new cars and personal credit card debt.

Meanwhile, Krestek has received more than $9 million in investor funds in fiat and digital currencies.

According to the same lawsuit, Kristek withdrew from the fraudulent project in 2018 without refunding the investors’ money.

Demar called Start Options the largest bitcoin trading platform in terms of volume and liquidity in euros.

The third person named in the complaint is Robin Enos, who the Securities and Exchange Commission says received about $12,000 from Demar to help with its marketing efforts.

Actor Steven Seagal was fined by the SEC in February 2020 for marketing Bitcoin2Gen without revealing that he received $157,000 in B2G to do so.

Steven Seagal promoted the Bitcoin2Gen project in February 2018 as a way to empower the community by providing a decentralized P2P payment system with its own wallet, mining system, and powerful blockchain platform without the need for any third party.

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And certainly the end of the fraudulent project will not be different from the scenario of the disappearance of the project or the devaluation of the currency to zero, which is what happened.

The SEC complaint seeks to impose fines in addition to attempting to compensate affected investors and injunctive measures against fraudsters.

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