Floyd Mayweather and DJ Khaled settles their SEC lawsuit in their cryptocurrency scandal.
Last year, Mayweather and Khaled took to their social media accounts to promote a crypto coin called Centra.
Meanwhile, non of them disclosed that they were getting paid to promote the coin,
which is federal charge and the Securities and Exchange Commission came knocking.
TMZ reports that Floyd received $300,000 to promote the coin and DJ got $50,000, but it turns out the whole company was a giant scam.
Luckily for Khaled and Mayweather, they have reached a settlement with the SEC to avoid any serious charges, but it definitely hurt their bank accounts.
Mayweather reportedly paid $300k in disgorgement (the money he made for promoting the coin) plus another $300k in fines and another $14k in interest.
Meanwhile, Khaled paid $50,000 in disgorgement plus $100,000 in fines plus another $2,725 in interest.
Mayweather also agreed to not promote any sort of cryptocurrency for the next 3 years, and Khaled agreed to hold off for 2 years.