It looks like the Game of Thrones token may not be the strangest initial coin offering of 2017, after all.
Behold Wu-Tang Coin, the digital token at the heart of a purported ICO whose sole purpose is to raise money to buy and publicly release the Wu-Tang Clan album that convicted fraudster Martin Shkreli once spent $2 million on.
The fundraising began today, according to Wu-Tang Coin’s Twitter account, which has 17 followers. Rare Music Ltd., the company behind the efforts, is seeking to raise $3 million to $4 million, according to a white paper listed on the internet. It has raised less than $1,000 so far.
Earlier this month, Shkreli reportedly sold the album -- “Once Upon a Time in Shaolin” -- for just over $1 million on EBay, though it’s unclear if the sale went through.
A new Initial Coin Offering has put a cherry on top of the most frothy market of 2017. The organizers of Wu-Tang Coin, whose launch today was first spotted by Bloomberg, are proposing to raise $3 million to $4 million worth of cryptocurrency to buy the infamous Wu-Tang Clan album Once Upon a Time in Shaolin from disgraced pharmaceutical entrepreneur/convicted securities fraudster Martin Shkreli, and make it publicly available.
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