SEC revokes registration of crypto startup Game

The US Securities and Exchange Commission (SEC) revoked the registration of ParagonCoin, a crypto company promoted by rapper The Game.

The SEC held that the firm was in default and had violated the Securities Exchange Act of 1934. Therefore, the regulators revoked the registration of ParagonCoin.

ParagonCoin claims to offer a blockchain solution for the legal cannabis industry. As of writing, the official website reveals that they are filing for bankruptcy.

A screenshot from the official website of ParagonCoin.  The project was promoted by rapper, The Game.
Source: Official Website

After failing to file the required periodic reports, ParagonCoin also failed to prove that they were not in default. Therefore, the SEC notice reads, “We now find Respondent in default, uphold the allegations in the Order Initiating Proceedings (OIP), and cancel the registration of its securities.”

American rapper Jayceon Terrell Taylor, better known by his stage name “The Game”, promoted the initial coin offering (ICO) of ParagonCoin in 2017. The company raised $12 million through its ICO and later had to classify the token as a security. an SEC settlement.

The rapper called EtherliteOrg a do Saying, “If you missed bitcoin…don’t be late!!!”

Celebrities love crypto

US boxer Logan Paul raised $2.5 million with a Cryptozoo non-fungible token (NFT) sale, but he now faces a class action lawsuit for fraud and rug-pulling.

On the other hand, rappers Eminem and Snoop Dogg released a music video in June 2022 referencing the Bored Ape Yacht Club (BAYC).

He bought the NFT for 123.45 ETH ($452,000 at the time), but the lowest price for BAYC is 68.69 ETH ($96,646) at the time of writing. As a result, Eminem’s NFTs have declined by approximately 78% in legal value.

Similarly, BeInCrypto reported that Justin Bieber’s BAYC NFT was down 94% in November 2022.

Celebrities have actively participated in the Web3 ecosystem by promoting a project or raising funds for their own projects or NFT collections.

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BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.

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