Cambridge Analytica Reportedly Planned $30mln ICO Before Controversy Broke
Cambridge Analytica had reportedly planned a $30 mln initial coin offering (ICO) before the company was caught up in a scandal due to its controversial use of personal data obtained from Facebook user profiles.
Citing anonymous sources, a report by Reuters from April 17 claims that Cambridge Analytica sought advice from a company specializing in launching ICO projects. Reuters sources claim that Cambridge Analytica sought to raise up to $30mln by selling its own cryptocurrency, in order to develop a platform to help users control and sell their data.
Reuters quoted a Cambridge Analytica spokesperson as saying that the company was “developing a suite of technologies to help individuals reclaim their personal data from corporate entities” and exploring options for people to “manage and monetise their personal data.”
Cambridge Analytica was embroiled in scandal in March after numerous press reports emerged claiming that the company had improperly gained access to personal data from up to 87 million Facebook users. The company reportedly used this vast trove of data to help Donald Trump in his successful 2016 presidential campaign as well as the Brexit vote in the UK.
Alexander Nix, Cambridge Analytica’s former CEO, stepped down in March after leaked video recordings showing Nix boasting about using shell companies and strategies to entrap political opponents were published in major media outlets.
Although the Cambridge Analytica spokesperson did tell Reuters that the company was still looking at using blockchain technology in future applications, the spokesperson did not comment on whether the company plans to move forward with the potential ICO.