Steven Seagal Is Endorsing a Cryptocurrency—But You Might Want to Avoid It

February 20, 2018, 3:44 PM UTC

It’s not uncommon for one business to try to ride another’s coattails by using a slightly tweaked version of a popular name—such as Sonia (rather than Sony) headphones or a pair of “Adidos” or “Cnoverse” sneakers. Now that questionable style of rebranding is hitting the crypto world—and the founders are enlisting a 90s action star to help raise interest.

Bitcoiin2gen (note the extra “i” in Bitcoin) is ramping up for its initial coin offering. And it has tapped Steven Seagal as its worldwide brand ambassador. The star of Under Siege, Above the Law, and Hard to Kill began promoting the coin Monday via Twitter.

A press release from the coin maker calls Seagal “a man of diverse character whose spiritual beliefs and humanity are woven into every aspect of his life,” and says the goal of the forthcoming cryptocurrency is “to make a superior or more advanced version of original Bitcoin.”

Beyond that, details are scarce.

The Bitcoiin2Gen website has no information about who’s behind the cryptocurrency, though. And Coindesk notes that the domain was originally registered in 2015 in Panama, but changed hands in early January. The project also promotes an affiliate rewards structure for people who help create interest in the days before the ICO, which some liken to a pyramid scheme.

“To promote Bitcoiin B2G, a depositor who chooses to participate in one of our accredited Mining Programs will earn commissions off their recruits’ earnings,” the company said in a press release. “Bitcoiin B2G is offering a 4-level commission structure, available to whoever joins the program and/or purchases Bitcoiin B2G during the ICO period.”

It’s hard to say which is a more questionable decision, investing in Bitcoiin2gen or renting Seagal’s Contract to Kill (a 2016 film that has a metacritic score of 3). Either way, you might be better off spending time and money elsewhere.