The company behind Facebook’s massive data leak scandal, Cambridge Analytica, attempted to develop its own cryptocurrency this past year and intended to raise funds through an initial coin offering, Reuters and The New York Times reported today. The digital coin would have helped people store online personal data and even sell it, former Cambridge Analytica employee Brittany Kaiser.

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Cambridge Analytica, which obtained the data of 87 million Facebook users, was hoping to raise as much as $30 million through the venture. Cambridge Analytica confirmed to Reuters that it had previously explored blockchain technology, but did not confirm the coin offering and didn’t say whether efforts are still underway. The Verge has reached out to Cambridge Analytica and Brittany Kaiser for comment.

ICOs have become a sometimes dubious way to raise money, even rivaling early stage venture capital funding in effectiveness for some companies. Companies like Kodak and Telegram have pivoted to launch their own ICOs and reaped financial rewards.

Cambridge Analytica’s brief fling with ICOs is a strange convergence of two questionable parts of the internet now coming under new scrutiny: cryptocurrency and personal data.

SOURCE: Reuters , The New York Times

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