The Bitcoiin coin project announced that Steven Seagal, a well-known actor in martial arts films, was stepping out of the partnership as a brand ambassador after the completion of its Initial Coin Offer. Together with Seagal, the founders also abandoned the project to make the coin “genuinely anonymous”.

In statements published yesterday by Bitcoiin it was announced that both Seagal and the founders were withdrawing from Bitcoiin 2nd Generation, also known as Bitcoiin2Gen or Bitcoiin, whose repetition of the letter `i’ is likely to be attempting to disguise itself as the original Bitcoin, creating confusion among investors.

As bitcoiin moves into its phase of converting from a token to a minable currency, we want to warn that Bitcoiin will join the original Bitcoin’s agenda and become an open source project. Meanwhile, we want to thank the founders and our brand ambassador[Seagal] for their good wishes for future projects. However, from this point on, Bitcoiin will function in the ecosystem and become a genuinely anonymous cryptomoney without individuals or groups of people having control over the entity.

Bitcoiin 2nd Generation

It should be noted that the Tennessee state authorities recently issued a warning about the project, and in the state of New Jersey the Bitcoiin team was ordered to cease operations.

It was on March 7 that the New Jersey Bureau of Securities warned that Bitcoiin was selling unregulated assets in the state, claiming that there was no specific information about who was behind the project. The Bitcoiin ICO had been accused of being a Ponzi scheme.

The Bitcoiin website does not specify what experience, if any, Steven Seagal has in ensuring that investments made in Bitcoiin are appropriate and in compliance with federal financial asset laws. Additionally, there are no specifications on the nature and amount paid to Steven Seagal by Bitcoiin in exchange for promoting investment in this project.

Bureau of Values

In fact, in a press release published in February, Bitcoiin explains its scheme of operation, similar to those of pyramid schemes such as OneCoin and BitConnect.

To promote Bitcoiin B2G, a depositor chooses to participate in one of our accredited mining programs, earning commissions from his recruits. Bitcoiin B2G offers a 4-level commission structure, available to those who join the program and/or purchase Bitcoiin B2G during the ICO period.

Bitcoiin 2nd Generation

Seagal, for his part, after posting messages on Twitter supporting Bitcoiin’s ICO, announcing that the coin is supposed to be listed on large exchanges and calling on investors to stay tuned for new announcements of the project, has not made public comments on the decision to abandon the project.

While we love the smash-and-grab approach of Steven Seagal, it is necessary to remember that investments in crypto coins should not be based on the support that a film or entertainment star gives to these projects, since these personalities, as Paris Hilton and Floyd Mayweather once said, are not experts in blockchain technology and crypto coins, and may agree to collaborate with fraudulent projects.

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