Companies to sue Internet Giants over Banned Crypto Ads

Russian, Chinese and Korean cryptocurrency associations are going to file a class action against internet organizations banning crypto ads
28 March 2018   797

The lawsuit will dispute the limitations imposed by Facebook, Google, Twitter and Yandex. An arrangement to take the matter to court in the US has been achieved at a crypto conference in Moscow.

The newly established Eurasian Blockchain Association (EBA) will file the lawsuit in a US jurisdiction in May. Among the participants there are representatives of the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA) and the Chinese Association of Cryptocurrency Investors (LBTC). Each side has signed the agreement to create EBA during the BlockchainRF-2018 congress in Moscow (27-28 March). Also they are going to found a special cryptofund that can be supported through donations.

Well-known social network Facebook and the biggest search engine Google prohibited crypto ads in January and in March respectively. Russian media have declared about a resemble decision by the largest in the country search engine Yandex. This measure has not been officially confirmed by the company.

The messages that Twitter is managed to set restrictions appeared about 10 days ago. The microblogging platform stated the policy change. Another media platform, Snapchat, has also forboden the advertisements of ICOs.

Yuri Pripachkin (RACIB`s president) considers that the situation looks like a cartel collusion. “We think these four companies are using their monopoly power and have colluded to manipulate the market”, - RACIB`s president claimed (quoted by TASS and Interfax). Also he accentuated that the bans caused substantial market drops during the last months.

Last week RAKIB forewarned that the Russian economy may lose over 1.5 billion USD from ICOs conducted by Russians in more favorable jurisdictions. Coin suggestions with Russian participation total for 10 % of the global ICO market. About $310 million dollars have been attracted by Russian projects in 2017 (according to a report by the President Vladimir Putin).

The State Duma, the lower house of Russia’s parliament has introduce 2 laws to legalize blockchain technologies, cryptocurrencies, mining and coin offerings. The head of the parliamentary Financial Market Committee Anatoliy Aksakov claimed that these new orders will be adopted in June or July, 2018.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.