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Cambridge Analytica Planned to Raise Money Through Own Cryptocurrency

Written by: Sara K

April 19, 2018

Cambridge Analytica is the company behind recent Facebook’s massive data leak scandal. It is now planning to issues its own cryptocurrency and aiming to raise funds through ICOs. It is also tried to promote Dragon Coin associated with a Macau gangster. The company tried a variety of technologies including blockchain.  

The Own Cryptocurrency: Cambridge Analytica

Cambridge Analytica, the company accused of allegedly misusing personal data from Facebook, tried to raise $30 million through a self-issued cryptocurrency ICO. This happened before it was swept up in a scandal involving allegedly illegally using private data from Facebook users. The company consulted, to that effect, another company that provides advice on how to structure ICOs.

“Who knows more about the usage of personal data than Cambridge Analytica?” Kaiser said. “So why not build a platform that reconstructs the way that works?”

Alexander Nix, the firm’s British chief executive was caught on tape bragging about company strategies to political work.

The Cambridge Analytica spokesperson said in an email to Reuters:

“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 in use. We were exploring multiple options for people to manage and monetize their personal data, including blockchain technology”.

Further, Cambridge Analytica attempted to promote Dragon Coin, a coin associated with a Macau gangster known as Broken Tooth. The coin was for use by gamblers to make it easier for people to get money to Macau casinos.

Cambridge Analytica spokesman also told Reuters that before the Facebook controversy, they were considering “developing a suite of technologies” that could help people reclaim their personal data from corporate entities. Such tech, he said, would help them have full transparency and control over the use of their personal data.

There is no clarity on whether those technologies were ever tried apart from what he says. He also did not comment on the ICO.

The company is under intense surveillance following reports that it illegally harvested private information from Facebook profiles of over 50 million users. Facebook admitting this month that data belonging to more than 87 million users could have been compromised.

The company also worked for U.S. President Donald Trump’s 2016 election campaign. Alexander Nix, who oversaw personal data protection at the firm left the firm last month after he was tape in record boasting about the company’s use of shell companies and strategies to help politicians entrap opponents.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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