Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations. For instance, the SEC suspended trading in shares of The Crypto Co., which saw a surge in stock price by as much as 17,000 percent in the last three months after announcing plans for a roll out of a crypto trading floor. Average daily volume is 170,220 shares.
Shares in a tiny United States soft drinks firm, Long Island Iced Tea Corp, have quadruple in value in just one day after it changed its name to Long Blockchain Corporation, the latest move by a string of obscure companiesrebranding themselves in an attempt to ride the bitcoin bubble.
Even though it's named after the popular mixed alcoholic drink it appears the company sells non-alcoholic iced teas, according to its website.
Brentwood woman laundered money to support ISIS If convicted, Shahnaz could face a maximum of 30 years for bank fraud and 20 years on each count of money laundering. Cryptocurrencies may be used "to avoid detection by law enforcement or intelligence services", prosecutors said.
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But there's a catch.
Long Island Iced Tea added that it "does not have an agreement with any of these entities for a transaction and there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".
In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and worldwide scale". Just change your name to something blockchain. Future FinTech shot up by more than 200 percent after traders noticed its name change (which it originally announced back in June) from "SkyPeople Fruit Juice".
Shares in a NY beverage company almost tripled by midafternoon Thursday after it announced it was shifting into cryptocurrency-related investments. SEC Chairman Jay Clayton also issued a lengthy statement earlier this month about the dangers of investing in cryptocurrencies and initial coin offerings. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. As of the date this article was written, the author owns 0.001 bitcoin.
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Reid, who retired from Congress earlier this year, said he is proud that he started the program while serving in public office. Who knows what else the AATIP program uncovered? "If America doesn't take the lead in answering these questions, others will".