Equibit Development Corporation (EDC) announced that it had retained the expertise of IT security legend and CEO of MGT Capital Investments John McAfee. The company, however, erroneously publicized that it had hired McAfee to serve as its chief security officer when the man himself confirmed that he is simply serving as a volunteer consultant.
McAfee is the founder of software company McAfee and Associates of anti-virus software fame.
“Equibit Development Corporation has positioned itself to become a major player in the blockchain development field focused on the financial sector,” McAfee said in an earlier statement. “With my guidance and advice I anticipate the company to experience stellar growth and achievements.”
“We’re honoured and thrilled to be working with John McAfee. With his input and ongoing guidance, EDC will continue to set the security standard for blockchain services,” said EDC CEO Chris Horlacher. “We share his unwavering commitment to IT security and, with his help, will continue to push the boundaries of what’s possible in this industry.”
It turned out that Equibit had incorrectly described McAfee’s capacity as a consultant. After news of EDC’s announcement made the rounds online, McAfee took to Twitter to respond to the inaccuracy of the reports.
“Equibit has vastly exaggerated my role. I advise dozens of companies. I am being paid nothing. I advise the [Board of Directors],” McAfee explained in a tweet, linking to the
Fortune article that made EDC’s announcement public.
In an interview with
BetaKit, McAfee explained why EDC decided to call him CSO and threatened to part ways with the start-up.
“Equibit contacted me two months ago and asked if I would be an adviser, and I said yes,” he explained. “And they said, we need pen testing help. And I said tell me what you need exactly, and I’ll find you someone. They never gave me specs they needed so I didn’t do it. They asked if they could call me CSO. I said you can call me whatever you want, call me the king as far as I’m concerned. But it makes no difference, what I’m doing is advising.
“I’ve never asked money for advice or received money for advice,” McAfee added. “If they claimed they paid me, please ask them for a cheque stub. It hasn’t happened nor would it happen. Neither will I continue to work or advise with them, I think this is a very unsavoury move on their part.”
If he still chooses to continue serving as consultant to EDC, McAfee would report to the Board of Directors instead of the CEO.
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