KodakCoin ICO Suspects LBank.io for Fraudulent Behavior

The representative of KodakCoin suspects Hong Kong based crypto exchange Lbank.io for creating a fake ICO section page of KodakCoin website.

The KodakCoin ICO organizer accused LBank.io, the Hong Kong crypto exchange in “fraudulent behavior”. The page stated that on May 4th, Friday KodakCoin token starts at 12.00 UTC and ends on May 11 at the same time. Therefore, the total amount for sale was 8000ETH.

Nonetheless, the digital rights management which was first declared in January says that it is not true. However, Kodak, the US technology has announced that it is planning to launch its own cryptocurrency and also to host ICO by January. Kodak had mentioned that cryptocurrency would underpin “an encrypted, digital ledger of rights ownership for photographers”. It is working with the WENN Digital company.

Kodak CEO Jeff Clarke said in a statement:

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords. But for photographers who’ve long struggled to assert control over their work and how it’s used. However, these buzzwords are the keys to solving what felt like an unsolvable problem. Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that”.

But the Spokesperson for KODAKOne said in a comment that the information is “neither authentic nor accurate”.

The representative explained:

“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. It will also be made in accordance with the laws and regulations of the relevant jurisdictions”.

However, the KodakCoin sale was supposed to start at end of January but it was initially delayed for several weeks. Recently, Wenn Digital and Kodak were pitching the sale conducted by SAFTs (Simple Agreements for Future Tokens). Since, it brands the coin to be a utility token and also accredited investors can also buy.

The Hong Kong Crypto exchange’s token sale page said, future investors can buy KodakCoin at a 1:1 ratio with Bitfinex crypto exchange USDT.

LBank.io, the Hong Kong based crypto exchange was founded in 2017. It is the 9th largest cryptocurrency exchange by trading volume.

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