Disgraced Data Analytics Firm Cambridge Analytica Is Halting Its Plans for an ICO

Cambridge Analytica was responsible for compromising the data from 87 million Facebook profiles.

Now, it has been revealed that the company is hoping to win 2018's irony awards and was hoping to raise $30 million in an ICO, for a token designed to protect users data.

Cambridge Analytica seems to be in the middle of a public relations nightmare - the firm was recently outed by a whistleblower in regards to obtaining data through the use of Facebook surveys and using the data to influence voter opinions by politicians, including the current POTUS, who hire them.

In the last couple of days, a second whistleblower has emerged, reporting that the figures surrounding the data breach were conservative and they think that many more than 87 million peoples data was compromised.

He has also backed out of participating in the UK parliament hearing surrounding the data breach, which may result in him being formally summoned.

Cambridge Analytica decided that they wanted to create a solution to the enormous data breaches that were occurring.

They essentially were creating a coin to solve the very problem that they are creating, surrounding the abuse of online personal data.

Users would be able to take ownership of their data and get rewarded with tokens to sell their data to firms such as Cambridge Analytica.

"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."

In light of the many scandals, Cambridge Analytics has deemed it prudent to put the ICO on hold.