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Kodak Says Scammers Are Already Selling Fake KodakCoins

Published on .

An exhibitor, left, takes a photograph of an attendee using the Eastman Kodak Co. Printomatic instant print camera during the 2018 Consumer Electronics Show in Las Vegas in January 2018.
An exhibitor, left, takes a photograph of an attendee using the Eastman Kodak Co. Printomatic instant print camera during the 2018 Consumer Electronics Show in Las Vegas in January 2018. Credit: David Paul Morris/Bloomberg

Eastman Kodak is warning that several fraudulent websites and Facebook accounts are promoting and even claiming to already be selling its planned digital token.

The warning, sent in an email to potential investors, comes as Securities and Exchange Commission Chairman Jay Clayton is testifying before Congress about initial coin offerings and coin-related scams. Regulators have been increasingly scrutinizing so-called ICOs, which raised $3.7 billion in funds last year, according to CoinSchedule.

Kodak is working with a company that promotes paparazzi photos to offer a blockchain-based service that would let photographers get paid whenever their images are used.

The 130-year-old company said last week that verifying the "accredited" status of potential investors for the digital KodakCoin token could take several weeks, sending its shares down 13 percent. Over 40,000 investors expressed interest in the offering, the Rochester, New York-based company said last week.

Kodak's plan has been greeted with a mixed reception, with some critics of the proposal saying the imaging company is jumping on the distributed-ledger technology bandwagon to boost its shares.

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