The well-known beverage manufacturer's share price soared 500% to alarm the FBI, just because the name is added to the blockchain?
Long Island Iced Tea , a well-known beverage manufacturer in New York, is one of the companies that added the word " Blockchain " to its own company name.
Long Island Iced Tea is a bit "hot"
In December 2017, the beverage company changed its name to Long Blockchain Corp. Soon, the company's share price soared from less than $5 million to nearly $70 million.
According to the latest news from Quartz, the US Federal Bureau of Investigation (FBI) suspected that the Long Island Blockchain Group was suspected of insider trading . According to the search warrant, the FBI is still looking for evidence of securities fraud.
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In the encrypted information of the FBI in unlocking the Lindsay mobile phone, the information about the insider trading of Long Island Iced Tea was unexpectedly discovered. The FBI suspects that the transformation of the Long Island Iced Tea Group into the blockchain and the corresponding increase in prices thereafter is actually a premeditated market manipulation.
Currently, the FBI is requesting permission to search two people's mobile phones for further communication records as evidence of potential insider trading and securities fraud.
Renaming this move no longer works
Coincidentally, another Hong Kong-based tea producer, Ping Shan Tea Group , has also changed its name to Blockchain Group . It seems that after desperately changing the name, it will be able to appease shareholders and increase share prices.
Unfortunately, this change was unremarkable and did not have the expected impact on the company.
Another biomedical device manufacturer called Bioptix changed its name to RiotBlockchain without warning in 2017 and shifted its focus to cryptocurrency mining.
For these companies with bad minds , it is their goal to add a " hot pursuit" to the company's name, and to add the most popular concept to the company's name.
But with the cooling of the vents, such days seem to have ended. Their personal test method tells everyone that it is only a short-lived speculation, and only a chicken feather is left.
Source | TNW
Finishing | Carol
Produced | Blockchain Base Camp (blockchain_camp)
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