The cryptocurrency project Bitcoiin2Gen announced that its founders and Brand Ambassador Steven Seagal are leaving the organization following the completion of the initial coin offering (ICO), according to a press release March 26.
In the document, the team behind Bitcoiin expressed its gratitude to all their contributors, anonymous founders, and Brand Ambassador, actor Steven Seagal. The announcement also claimed the move was in keeping with the plan for the cryptocurrency to remain truly anonymous:
“As Bitcoiin goes through the conversion phase from token to mineable coin we wish to advise that Bitcoiin will join the likes of the original Bitcoin and become a truly open source. Therefore a big thank you to the Founders and to our Brand Ambassador whom we wish all the best in their future endeavors. However, from this point on Bitcoiin will function within its ecosystem and become a genuinely anonymous cryptocurrency with no individual or individuals having control over the entity!”
Seagal joined the project amid allegations from a variety of industry publications that the Bitcoiin project was a pyramid scheme or an MLM company. The project responded, explaining that their pyramid-shaped commission structure of the staking and referral program would only be operational during the ICO. Seagal’s involvement was sharply criticized on Twitter.
One Twitter user said that, “Assuming this is not a scam is the mother of all ****ups.” (NSFW)
The March 26 press release restated that the commission structure was only part of the ICO period and a kind of reward for clients promoting the project. The statement reproached the media for sensationalism and attempting to compare the project to a pyramid scheme.
Finally, after the conversion of tokens into minable coins, the founders reportedly will “appoint a member or members of the community to become the legal owners of the website bitcoiin.com.”
The news comes several days after the Tennessee Department of Commerce & Insurance (TDCI) Securities Division issued a warning to consumers about the cryptocurrency Bitcoiin or Bitcoiin2Gen, addressing the actions taken by the State of New Jersey against the cryptocurrency company.
Steven Seagal has not yet commented about the end of his collaboration with Bitcoiin2Gen on Twitter. Seagal announced his involvement in the project and its ICO in January, despite the fact that the US Securities and Exchange Commission (SEC) had previously issued a warning that ICOs which were endorsed by celebrities could be illegal.
The Bitcoiin2Gen ICO was launched in January 2018 with a goal of a $75 mln soft cap. It’s not clear how much the Bitcoiin team has managed to raise during the ICO, however they claim on the website that they reached their goal.