John McAfee, the Founder of the McAfee Associates, a software company is a well-known crypto-influencer who has made golden predictions when it comes to the future of cryptocurrency and the significant changes it would bring about in the future. He recently announced that he would be stepping in as the ‘Senior Strategic Advisor’ at Cryptosecure, a Hackproof Security Solutions.
John McAfee had announced his involvement in the ‘Hackproof Security Solutions’ and even spoke about the firm on Twitter on 3rd March:
“The Crypto Secure ICO overcomes the largest threat facing the cryptoverse – stolen coins. CryptoSecure’s SafeWindow will make you, your IP address and your geolocation invisible to everyone. Your cryptocurrency and privacy is secured.”
He joined the firm due to the growing concern of cyber attacks that keep threatening the crypto-verse time and again and wanted to bring an end to it with advanced technology.
John McAfee says:
“Cyberattacks threaten to end cryptocurrency. Hackers now have the ability to steal from any wallet, computer or exchange. This is why I joined the Cryptosecure team. With advanced technology to end this crisis”
But it turns out that the company endorsed by John McAfee was just served with a Cease and Desist Letter by the North American Securities Administrators Association in their latest search for fraudulent ICOs called ‘Operation CryptoSweep’.
The North American Securities Administrators Association [NASAA] released information collected in this ‘Operation Cryptosweep’. According to the announcement, there are 44 jurisdictions from U.S and Canada participating in Operation Cryptosweep.
This would be one of the biggest coordinated attack on the ICO world by the state and provincial securities regulators in the U.S and Canada. It has brought down fraudulent ICOs and products related to cryptocurrency investment and people in charge of it. The outcome of the operation has led to 70 investigations and 30 pending or completed prosecution actions related to cryptocurrencies.
The North American Securities Administrators Association [NASAA] is one of the oldest organization focused on protection of international investors; an association of state securities administrators who are responsible to protect consumers investing in securities. NASAA recently organized a task-force to coordinate and investigate ICOs and cryptocurrency related investment products.
The President and Director of Alabama Securities Commission, Joesph P. Borg says:
“The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada, and NASAA members are committed to combating this threat.”
He further adds:
“Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams”
The Operation Cryptosweep has resulted in the Cease and Desist order/ letter against many ICOs including Cryptosecure, Baltic Fund, DasCoin, Digitalticks, Disciplina, Doctailor, Krios, Power Mining Pool, ThinkCoin, Tripbit, Ubcoin and more.
The announcement made by NASAA also states that social media and ICOs related advertising sites added to the hype and promotion of the fraudulent ICOs.
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