In the most 2018 thing of the year so far, Reuters and The New York Times are both reporting that Cambridge Analytica was talking to crytpocurrency experts in preparation for the launch of its own initial coin offering. Of course, things may have gotten a bit off-track when the company was revealed to have obtained the data of as many as 87 million Facebook users. Life, as they say, comes at you fast.
According to Reuters sources, the embattled firm was looking to issue its own digital currency in an effort to raise upwards of $30 million. Understandable, perhaps — startups reportedly raised $5.6 billion through ICOs in 2017 alone. Surely Cambridge Analytica was well positioned to get in on that action.
The company wouldn’t confirm whether it was still looking toward digital currency as a fundraising method moving forward, though it did tell the news agency that using blockchain for security purposes is still very much on the table.
“Prior to the Facebook controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over how their personal data are used,” a spokesperson said. “We were exploring multiple options for people to manage and monetize their personal data, including blockchain technology.”
The Times also confirms via leaked emails that CA’s work with another digital currency, Dragon Coin, “associated the firm” with a gangster know as Broken Tooth. Though Dragon Coin’s founder denies any connection with Mr. Tooth.