Kerrisdale Capital Consider Kodak's Blockchain as Sham

According to the hedge fund research, Kodak "staring at the possibility of default and a debt restructuring in the next 12-18 months"
08 February 2018   1390

A well-known hedge fund does not believe in Kodak's latest initiative related to the blockchain. This is reported by Coindesk.

In his study, the Kerrisdale Capital hedge fund claims that Kodak's blockchain project is not real, and even calls it "last-ditch stock promotion gambit for a company hurtling towards bankruptcy." The Kerrisdale fund holds a short position on Kodak shares and is also known for the fact that its applications can affect quotes.

On January 9, the company Kodak announced that it will hold ICO to finance its crypto currency project, which will help photographers solve their problems with the rights to their works, after which the company's shares rose by 37%.

However, the Kerrisdale Foundation, based on its research, argues that Kodak will not be able to compete with other blockchain start-ups, as "in the next 12-18 months the company can expect a default and debt restructuring."

In this regard, the hedge fund notes that Kodak lacks the technological capacity and funding to implement its technology KodakCoin, and therefore - to make transactions and store images with the help of a blockbuster.

In addition, the Kerrisdale study evaluates individual Kodak plans to enter the mining market - the hedge fund also doubts that this will help Kodak to repel the investment.

Kodak's cryptocurrency ploy hits all the major buzzwords – blockchain, smart contracts, distributed ledger, ICO, etc. But look through the PR spin, examine the true merits of using blockchain for the proposed service, and it's obvious the project is poorly thought out and will never work as promoted.

Kerrisdale Foundation Report

As of press time, Kodak has not yet responded with comments. 

Round 1 of TOP Network IEO Ended in 7 sec

Initial exchange offering took place at Huobi Prime platform
26 March 2019   73

The initial exchange placement (IEO) of the TOP Network project on the Huobi Prime platform that started today attracted no less attention than the similar campaigns on the Binance Launchpad. This is evidenced by the speed with which all the tokens allocated for the first round were purchased.

A number of investors in social networks reported technical problems that prevented the purchase of tokens, which, as in the case of the Binance Launchpad, are likely to be caused by an excessive load on the stock exchange infrastructure during the crowdsale.

The next round starts at 3/26 21:30 UTC+8, despite the fact that users did not use the 20 minutes set aside for trading, TOP Network reports.

For the two following rounds, 450,000,000 TOP and 750,000,000 TOP were allocated, respectively.