Kodak KashMiner cryptocurrency blocked by SEC

KodakOne cryptocurrency blocked by SEC

The US Securities and Exchange Commission, which regulates investor trading, has blocked the Kodak-branded KashMiner cryptocurrency scheme from moving forward.

The agency killed off the scheme by the Kodak-branded Bitcoin miner KashMiner due to concerns it was a scam.

The Kodak KashMiner was to cost customers $3,400 up front for a 2-year rental period and provide them with a cut of profits from Bitcoins that were mined. Customers would reportedly earn profits of $375 a month over the course of the contract, generating profits of about $5,600.

But when regulators ran the numbers, the determined that it would be highly unlikely to generate those numbers.

Regulators examined the scheme and raised the alarm, halting its access to the public.

Kodak KashMiner is actually Spotlite USA, which licensed the Kodak brand. However, Kodak now says Spotlite never officially licensed the brand.

A spokesman for Kodak told the BBC: “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.”