John McAfee indicted on federal fraud charges for alleged cryptocurrency schemes

Businessman and software developer John McAfee is facing several federal fraud charges for allegedly using a pump-and-dump scheme to make millions by manipulating cryptocurrency markets.

The U.S. Attorney for the Southern District of New York indicted McAfee, 75, and Jimmy Watson Jr., 40, on charges relating to the promotion of altcoins, which are cryptocurrency commodities other than Bitcoin. The duo allegedly used McAfee’s Twitter account, which has about 1 million followers, to inflate the value of the altcoins for profit.

In one of the schemes, McAfee and Watson allegedly purchased large quantities of various altcoins at low market prices
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