The Bitcoiin2Gen, its Brand Ambassador, Hollywood star Steven Seagal, and its founders have left the organization after the completion of an Initial Coin Offering (ICO), officials have announced in a press release dated March 26th.
In the press release, the team behind the Bitcoiin token expresses its gratitude to its contributors, Brand Ambassador, and its anonymous founders. The announcement also states that the decision to leave was in accordance with the plan to keep the cryptocurrency truly anonymous.
The announcement reads: “As Bitcoiin gets through a conversion phase from a token to a mineable coin, we, therefore, wish to advise that it will join other coins like Bitcoin, and be a genuinely open source. We wish to thank Founders, and the Brand Ambassador, wishing them the best in their endeavors. However, moving forward Bitcoiin is going to operate within its ecosystem to become a truly anonymous digital currency with no individuals or individual having control over it!”
Steven Seagal had joined the Bitcoiin project amid allegations that the project was an MLM company or a pyramid scheme. Various publications spread this narrative, which prompted the project to respond, explaining that its pyramid-shaped commission structure would only become operational during the Initial Coin Offering. The Hollywood actor’s involvement was also sharply criticized on social media, especially on Twitter.
His involvement was announced 13th February 2018 by Bitcoiin2G in a press release. In the announcement, the organization described Seagal as one who “believes that whatever he does is all about leading individuals into contemplation, to enlighten and wake them up in some manner.” The announcement proceeds to say that this is “precisely the objective of the Bitcoiin2G organization, to empower communities by offering a decentralized P2P system of payment with its wallet, a mining ecosystem, and a robust blockchain platform with no need of a third party…for the Bitcoiin2G organization, the choice of Steven Seagal as Brand Ambassador is obvious; this extends Bitcoiin2G’s long-term commitment toward the community.”
The March 26 announcement re-stated that the project’s commission structure was just part of the Initial Coin Offering period and some reward for users supporting the project. The statement also reproached the media for what it termed as sensationalism and trying to compare the Bitcoiin2G project to some pyramid scheme.
After the tokens have been converted into mineable coins, the statement reveals, founders will then “appoint members or a member of the community who will run a website, bitcoiin.com, as a legal owner.”
Recently, the Securities Division of the Tennessee Department of Commerce and Insurance, TDIC, issued a warning against Bitcoiin2G and the cryptocurrency bitcoiin, citing the actions that the State of New Jersey took against the crypto company.
Steven Seagal is yet to comment about this development. The actor announced his collaboration with the Bitcoiin2G project in January even after the U.S Securities and Exchange Commission had earlier issued a warning saying that Initial Coin Offerings endorsed by celebrities may be illegal.
The launching of the Bitcoiin2G ICO took place in January 2018 with a 75-million-dollar goal. While the project claims it raised that much, it is still unclear how much the team acquired from the ICO.
