Security News > 2021 > March > Software Icon McAfee Charged in Cryptocurrency Scam
The creator of McAfee computer security software faces charges he cashed in on a "Pump-and-dump" scheme, promoting cryptocurrencies on Twitter to drive up their value.
John McAfee, founder of the antivirus firm that bears his name, and Jimmy Watson face charges of conspiracy, fraud, and money laundering in connection with schemes to trick cryptocurrency investors, according to an indictment unsealed by the US Department of Justice.
"McAfee and Watson exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception," US attorney Audrey Strauss said in a release.
McAfee and Watson also used Twitter to promote digital tokens on behalf of initial coin offerings without disclosing they were being paid for their efforts by the startups, according to the indictment.
McAfee, 75, is in custody in Spain pending a decision on his extradition to the United States where he is wanted for tax evasion.
Since making a fortune with his eponymous antivirus software in the 1980s, McAfee has become a self-styled cryptocurrency guru.