SEC “STOPS KODAK BITCOIN MINING MACHINE SCAM”

On 16th July, the Investopedia blog reported that a Kodak-branded Bitcoin mining computer was labelled as Kodak and shown at the Consumer Electronics Show (CES) in Las Vegas earlier this year was described as a “scam” and SEC prevented its sale. The programme was never officially licensed to use the brand name.  To mine the cryptocurrency, the computer solves complicated mathematical problems that work to verify crypto transactions.  It was said that you could use for 2 years for a rental fee that equipment cost, air freight, export licence, customs clearance and customs duties. However, critics, after doing the maths involved, determined that one could not actually make it pay.  Now the company behind a Kodak-branded crypto-currency mining scheme has confirmed the plan has collapsed, reports the BBC.

https://www.investopedia.com/news/sec-stops-kodak-bitcoin-mining-scam/

https://www.bbc.co.uk/news/technology-44845291

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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