Economy

Kodak shares fall 15% after cryptocurrency delay

Kodak shares fall 15% after cryptocurrency delay”

This is definitely not turning out to be a Kodak moment.

Kodak has announced it will delay the launch of its KODAKCoin cryptocurrency in order to give the company time to vet the surge of potential investors.

However, Kodak has now said that they will be moving to an "accredited verification phase", where they will get in touch with all investors who have shown an interest in registering for an ICO to confirm their accredited investor status.

On Wednesday, the shares fell 15.74% to $7.71 after the initial coin offering (ICO) was delayed - likely by several weeks. This is the highest level of shorting that Kodak's stock has witnessed since 2012, when it filed for bankruptcy.

"A number of struggling companies have reversed their fortunes, at least temporarily, simply by adding "blockchain" to their names or announcing a new cryptocurrency venture unrelated to their previous line of work", the Times said, before calling KodakCoin's white paper a "mishmash of marketing buzzwords and vague diagrams". NY time, has a $20 million fundraising goal.

In his investigation, Roose also found that Cameron Chell, who calls himself the architect of KodakCoin on LinkedIn, was banned from the Alberta Stock Exchange for five years and fined $25,000 for violating its rules. That compares with less than 8 percent on January 8, the day before the Rochester, New York-based company said it would offer a digital token called KodakCoin and use blockchain technology to help photographers protect the rights to their work. The move sent shares flying more than 200 per cent. "How many cryptocurrency-obsessed millionaire photographers do you know?" asks Roose.



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