When questioned about the allegation, McAfee said, “The [US Securities and Exchange Commission’s] allegations are overblown’’.
McAfee’s imprisonment in Spain began in October 2020. This is particular, was due to an ICO tax evasion. The arrest came as a result of McAfee’s failure to disclose the $23.1 million he gained upon promoting a series of Initial Coin Offerings.
Furthermore, based on the US Financial Bureau of Investment (FBI) claims — McAfee took advantage of the ICO craze. He promoted a series of crypto and blockchain projects on Twitter a couple of years ago and failed to disclose his gains.
However, FBI Assistant Director William Sweeney said that McAfee deceived the public via ICO promotions made by his crypto team. Together they made around $13 million from the ICO scam alone.
McAfee was jailed for multiple accusations. Most of which were money laundering scams including fraud and an alleged crypto pump-and-dump scheme. Also listed are fraudulent activities with security offerings and the tax evasion allegations.
This article first published on coinquora.com
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Source: Cryptocurrency - investing.com
