KODAKCoin discredits fraudulent token sale
The photography company’s cryptocurrency ICO does not have an official launch date and is not yet for sale.
Several websites are claiming to be running the initial coin offering (ICO) for KODAKCoin, a digital currency to support the world’s image economy. However, KODAKOne has revealed that the actual coin is not yet for sale.
A listing that appeared on Hong Kong-based exchange LBank.io was claiming that a token sale would take place on May 4 and conclude on May 11. The website offered consumers tokens at a cost of 1 Tether (USDT).
Tether aims to provide a simple interface for businesses and individuals to access a blockchain-based cryptocurrency that is always valued at a 1:1 ratio with the US dollar. It is tied to crypto exchange Bitfinex.
The exchange’s page also suggested that there was a funding hard cap of 8,000 Ethereum (ETH).
Multiple fraudulent sites/accounts are claiming to be selling KODAKCoin. Please be advised that our coin is currently NOT for sale. Factual communications about KODAKOne, KODAKCoin and its ICO will come via @KODAKOne, https://t.co/g21Dcc9OkW, and other official channels.
— KODAKOne (@KodakOne) May 3, 2018
“To clarify, WENN Digital is only offering the SAFTs and the underlying KODAKCoin in exempt transactions to ‘accredited investors. Offers and sales of the SAFTs and the underlying KODAKCoin outside the United States will also be made in accordance with the laws and regulations of the relevant jurisdictions,” a KODAKOne representative told CoinDesk in an email.
Tech giant Kodak and blockchain development company WENN Digital signed a licensing partnership to launch an image rights management platform and the new virtual currency, KODAKCoin, in mid-January this year. An annual report published by the US Securities and Exchange Commission (SEC) in March reveals that Kodak was paid $750,000 in cash by WENN Digital and received 50,000 shares of WENN stock valued at $1.25 million.
The KODAKOne platform will maintain continual web crawling duties in order to monitor and protect the intellectual property of the images registered in its system. Where unlicensed usage of images is detected, the KODAKOne platform will oversee the entire post-licensing process in order to compensate photographers.
Shares in the image technology company more than doubled (119%) following the announcement. Kodak filed for bankruptcy in January 2012 and switched its focus to the corporate digital imaging market.
In January tZERO, a blockchain subsidiary of popular online American retailer Overstock, announced that it will provide advisory services to WENN Digital and offer recommendations for secondary trading of the coin.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Blockchain spending projected to reach almost $12 billion by 2022: report
- Trump’s former advisor Steve Bannon is planning to launch his own cryptocurrency
- Cryptomining malware supersedes ransomware in 2018: report
- New US dollar-pegged stablecoin launches, IBM begins exploring use cases
- CFTC warns crypto customers of fraud and false promises