Mike Tyson’s Bitcoin Investments

The former heavyweight boxing champion of the world is grateful that he’s part of the Bitcoin community, but he admits that he isn’t an expert yet.

In September 2015, he launched his first Bitcoin branded ATM in Las Vegas. People labeled the Lamassu machine as Tyson’s George Foreman grill and gateway into popular culture. Some accused the digital asset of having branding issues, that with Mt. Gox and Silk Road being new back then, but Tyson disagreed. He said that the problem wasn’t branding but education.

Tyson believed that people have a hard time understanding currencies based on numerical equations, and even he didn’t comprehend it well. Still, he hoped that his participation in the Bitcoin community could increase awareness and knowledge. Tyson didn’t consider himself a guru – he just found the possibilities significantly intriguing.

Launches His Own Bitcoin Wallet App

His ambitions didn’t stop with a branded Lamassu Bitcoin ATM. In January 2016, the former boxer launched a wallet application in collaboration with Bitcoin direct, which is the company that supported his ATM venture and a subsidiary of Connexus.

Users could buy and sell cryptocurrency from the Mike Tyson Bitcoin Wallet by going through the Glidera exchange. Then, they can use the wallet to store any Bitcoin purchase at a digital asset ATM, including Tyson’s Lamassu machine.

The application’s background has Tyson’s face tattoo, taking crypto branding to a whole new literal level. Bitcoin Direct mentioned that it hoped for Tyson’s approval to convert a considerable part of the population, including international admirers, to the digital asset.

Makes It into the Bitcoin Community Headlines Unaware

After some crypto news site reported that a new project backed by Tyson was making its way into the light, Tyson and his wife and manager had to deny any involvement. The supposed project involving an entertainment platform, Fight to Fame, turned out to be a fraud.

It wasn’t just one website that reported on the news. According to what and Cointelegraph erroneously reported, the platform’s purpose was to make fighters more recognizable, influential, and in better possession of their assets.

These assets included live matches, games, films, reality TV shows, betting, and more. It claimed blockchain was the glue holding it together. The website also had a couple of enticing phrases and a countdown clock that at its end led to nothing.

ModernConsensus, a blog site on Blockchains and Bitcoin, found out that a wanted fugitive created the cryptocurrency project site. Interpol and Chinese Regulatory Authorities were on the lookout for the man responsible.

Among the many claims that the platform made, the boldest was listing Tyson as the organizing committee’s founder and chairman. The committee’s objective was to invite notorious celebrities such as Dwayne Johnson, Jet Li, Arnold Schwarzenegger, and Silvester Stalone to participate in the project.

Salespeople within the fraudulent project used Myke Tyson’s name as they traveled to various blockchain conferences across the globe. They were seeking millions of dollars in funding and offered stakes on their supposed up-and-coming initial coin offering or Security Token Offering of the false “Tyson Token.”

The Start of the Scam

The fraudulent project’s associates even used a video that they got Tyson to record on the fly in early 2018 without realizing the implications of the scheme he would get involved in. This claim allegedly surprised Tyson.

The mishap was also due to an incautiously signed preliminary agreement with Fight to Fame’s founder. They offered Tyson a casting opportunity in a Hong Kong film and provided a term sheet briefly outlining the deal between them and U.S. China Motion Picture Association (UCMPA.)

Unfortunately, the slip specified that Tyson would serve as the chair of the platform and receive shares. Tyson’s wife, Lakiha, approved the agreement and amended the clause, saying that Mike would cooperate entirely with the UCMPA. Of course, she was furious once she realized that this was a scheme to launch the supposed Tyson Token at a future date.

Final Thoughts

Although Tyson’s ATM and wallet application didn’t gather too many users and had a short-lived run, they served the purpose of attracting people into the Bitcoin community. Both Bitcoin Direct and Tyson knew that was the primary purpose of the ATM and wallet.

However, Tyson didn’t manage to remain in the community calmly once he was unwillingly roped into a fraudulent scheme. Fortunately, it didn’t take too long to resolve, but it shows that even famous people can fall victim to devious scams.

Has Mike Tyson Traded Bitcoin?

From bit-ears to Bitcoin, former boxer Mike Tyson has embraced the cryptocurrency, Bitcoin. In 2015, Tyson, in collaboration with Bitcoin Direct, started a Bitcoin wallet. This was in addition to his Bitcoin ATM and cryptocurrency.

Presently, Tyson’s ATM is only available in Las Vegas. This entry into the cryptocurrency world has made Tyson an early adopter and investor of the intangible currency, Bitcoin.

Bitcoin Direct is a cryptocurrency broker that allows investors to purchase everything from Bitcoin to Ethereum (ETH). In addition, the broker allows users to have access to different wallets based on their cryptocurrency.