"Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements," said SEC Enforcement Division Co-Director Steven Peikin. "Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds."
Mayweather and Khaled's promotions came after the SEC issued a 2017 warning that coins sold in ICOs may be securities and that those who offer and sell securities in the U.S. must comply with federal securities laws, which bar undisclosed touting.
In April, the SEC filed a civil action against Centra’s founders, alleging that the ICO was fraudulent. The U.S. Attorney's Office for the Southern District of New York filed parallel criminal charges.