Cambridge Analytica, the company behind Facebook’s massive data scandal was planning to develop a new cryptocurrency and to raise funds through an initial coin offering. The British data analytics firm that obtained the data of 87 million Facebook users, was looking to raise as much as $30 million, according to Reuters that got the information from anonymous sources.
A Cambridge Analytica spokesman confirmed Reuters that the company has previously explored blockchain technology, but didn’t say anything about the coin offering.
“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,” the spokesman said in an email to Reuters. “We were exploring multiple options for people to manage and monetise their personal data, including blockchain technology.”
Apart from this new digital currency, Cambridge Analytica reportedly attempted to promote another cryptocurrency named Dragon Currency. According to the documents obtained by The New York Times, Dragon Coin is a cryptocurrency targeted to casino players and has been supported by a Macau gangster Wan Kuok-koi, aka Broken Tooth.
In mid-2017, Cambridge Analytica started working on its own initial coin offering, which was then supervised by CEO Alexander Nix and former employee Brittany Kaiser. In March, Nyx was suspended after getting caught by an undercover reporter while bragging about his company’s approach to political work in other countries.
For the past few weeks, the British data analytical firm has been under intense scrutiny because of the Facebook data scandal during the 2016 US presidential election. Last month, Facebook banned the company for leaking the data of 87 million Facebook users. However, Cambridge Analytica refused the allegations.