As if we are not yet done,
Reports from New York Times suggest that Cambridge Analytica the harvester of 87m user account data from Facebook was planning to venture in cryptocurrency also. The report suggests that the company was planning to venture into cryptocurrency by creating their own blockchain technology.
However, their needs were to be satisfied by the ICO token sell that they would have offered. The company had already approached a firm advising on how to structure Initial Coin Offering. Cambridge Analytica targeted a total of $30m from the ICO token sale.
The Verge reports that the blockchain technology was aimed at helping individual’s store personal data online. And more so even sell it, the former employee Brittany Kaiser said.
The whole cryptocurrency interests were overseen by the former Cambridge Analytica Chief Executive Officer Alexander Nix who was fired in March. Alexander Nix was fired after being busted on a tape bragging how ‘their’ political approach in other countries.
It was at this time that it was also revealed that the company used malicious ways to entrap political opponents against their interests.
Reports also suggest that Cambridge Analytica did participate in ICO promotion of Dragon Coin a coin associated with a gangster in Macau by the pseudonym Broken Tooth. Cambridge Analytica had even arranged a trip for potential investors to Macau in the past year.
A Cambridge Analytica spokesman approved the information of the company venturing in cryptocurrency as true. The only thing that stood on the way is the $87m user Facebook data scandal.
Initial Coin Offering is an organized sell of a company’s virtual currency with the aim of fundraising for their own blockchain technology. According to reports from Autonomous, already $3.5 billion has been raised this year alone in ICOs and a total of $6 billion since 2017.
Recently the Securities and Exchange Commission has been keen at protecting investors in ICOs.
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