80's action star Steven Seagal is pushing a questionable ICO/pyramid scheme...

Today on Twitter, top action star in the 1980's and 90's Steven Seagal began his role as a brand ambassador for a questionable ICO going by the name "bitcoiin" - that's not a typo, the name of the coin is Bitcoiin with two i's.  Tweeting:

Followed by a press release from the company announcing Seagals's new position, stating in part:

"As a Buddhist, Zen teacher, and healer, Steven lives by the principles that the development of the physical self is essential to protect the spiritual man. He believes that what he does in his life is about leading people into contemplation to wake them up and enlighten them in some manner. These are precisely the objectives of the Bitcoiin2Gen to empower the community by providing a decentralized P2P payment system with its own wallet, mining ecosystem and robust blockchain platform without the need of any third party."

But what is Bitcoiin? Well, no one really knows. Largely because of a huge red flag the site shares with previous scam coins - it's creators are remaining anonymous - much like Bitconnect or USI-Tech, which both received cease and desist orders from the US SEC.

There's another part to the platform you may recognize from previous crypto-scams:

But let me guess - it's 'not a pyramid scheme'?
On the topic of the SEC, they've spoken out about celebrity endorsements of ICO's before, stating in November last year

"Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments. These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement."

Seagal however likely doesn't care - he lives in Russia today, well outside of reach of US regulators.
Author: Ross Davis
San Francisco News Desk