Cambridge Analytica Was Planning Its Own ICO
Cambridge Analytica, the London-based data mining firm which was involved in the latest Facebook privacy scandal, has claimed it had been developing its own initial coin offering (ICO) in the past few months. It has been indicated that the company has aided other suspicious ventures market their tokens.
Cambridge Analytica planned an ICO so that they could raise funds for a system designed for storing and selling personal information to advertisers. Paradoxically, the system was introduced as an online solution to privacy issues that will avert exactly what the company is specialized in. The project now appears to have been put on hold for the time being, as the world has its eyes on the company and its actions.
“Who knows more about the usage of personal data than Cambridge Analytica?” said a former employee of the company, Brittany Kaiser. “So why not build a platform that reconstructs the way that works?”
When consultant Jill Carlson attended the meetings where Cambridge Analytica pitched its services, she observed that the firm had a contrasting attitude towards the principles of openness and transparency of bitcoin.
“The way that Cambridge Analytica was talking about it, they were viewing it as a means of being able to basically inflict government control and private corporate control over individuals, which just takes the whole initial premise of this technology and turns it on its head in this very dystopian way,” she detailed.
Aside from planning its own ICO, the company was also reported to try and convince promoters of other tokens register with its services of personal data mining. Cambridge Analytica was promoting itself with its ability to influence political campaigns from all over the world by using its “psychographic profiles” of voters and offered to use the same approach to produce more convincing targeted advertising for ICOs. The company claimed in its marketing material that Kaiser was “helping blockchain companies in using predictive modeling to target investors for token sales.”
Documents that have been obtain by the New York Times show that Cambridge Analytica tried to help the promotion of a token called Dragon Coin. According to the report, the casino gamblers’ token is linked with Wan Kuok-koi “a famous gangster in Macau who has gone by the nickname Broken Tooth.” So far the company has denied any connections with this individual in spite of evidence that points to the contrary.