Facebook’s Achilles Heel Cambridge Analytica Had Been Planning an ICO Before Debacle
Cryptovest
Published Apr 18, 2018 02:43AM ET
Updated Apr 18, 2018 03:01AM ET
Facebook’s Achilles Heel Cambridge Analytica Had Been Planning an ICO Before Debacle
The company at the root of the Facebook (NASDAQ:FB) user data debacle was reportedly in the midst of planning an ICO before all hell broke loose over its role in the breach.
Reuters reports that Cambridge Analytica was planning the ICO before it became embroiled in the scandal surrounding the misuse of personal data Facebook users had posted to the social media site.
Let’s discuss.
h2 Cambridge and virtual currencies/h2According to Reuters, information about the ICO was brought to it by sources familiar with it. These sources told the media outlet that Cambridge consulted with a firm that understood how companies should structure an ICO.
Reuters quoted a Cambridge Analytica spokesperson as saying the following:
“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. We were exploring multiple options for people to manage and monetize their personal data, including Blockchain technology.”
The firm was looking to raise as much as $30 million, according to one of the sources Reuters spoke to about the ICO.
It is unclear how the consulting firm was planning to use the proceeds from the ICO. It’s also unclear if it plans to continue pursuing the ICO.
h2 Blockchain/h2Call it irony, but Cambridge Analytica sees Blockchain as still worth pursuing to help people secure their online data. Cambridge Analytica is accused of improperly gaining access to the personal data of at least 87 million Facebook users.
Facebook users and observers cried bloody murder as news of the Cambridge Analytica debacle unfolded. Many expressed surprise over how they personal information was tapped. Facebook has said it is putting in safeguards to make sure users’ data is protected.
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