Cambridge Analytica and an ironic moment

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Cambridge Analytica can’t stay away from bad news it seems. Following the Facebook scandal and its misuse of people’s data, it now turns out that it had planned an ICO, according to Reuters.

The newsflash said that CA was planning to raise money by issuing a ‘new type’ of digital token, whatever that means. Sources told Reuters, “The British data analytics consultancy had approached a firm that advises companies on how to structure an initial coin offering.” Apparently it hoped to raise $30 million.

However, nobody knows if they intend to pursue an ICO following the scandal. It is though, apparently pursuing the use of the blockchain to help people secure their online data. This might be one of the most ironic statements of 2018.

Cambridge Analytica told 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 used. We were exploring multiple options for people to manage and monetise their personal data, including new digital technology.”

Given the suspicion that the firm’s harvesting and manipulation of people’s personal data may have unduly influenced the campaign that saw one the most controversial U.S. Presidents elected to office in 2016, it is doubtful that it would ever have a successful fundraiser due to trust factors. Or perhaps Trump fans would buy it?

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