{"id":54589,"date":"2019-07-26T07:58:03","date_gmt":"2019-07-26T05:58:03","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=54589"},"modified":"2019-07-26T07:59:58","modified_gmt":"2019-07-26T05:59:58","slug":"long-island-blockchain-fbi-investigation","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/long-island-blockchain-fbi-investigation\/","title":{"rendered":"Long Island Iced Tea “Blockchain” Play Under FBI Investigation"},"content":{"rendered":"\n
The blockchain and crypto industry was undoubtedly weird in 2017. Back then, “entrepreneurs” and “investors” were trying anything to make a quick buck, even if it meant proverbially sacrificing their soul to the Bitcoin devil. One case saw the then Long Island Iced Tea, which traded on public markets, convert itself into a “blockchain”. It named itself Long Blockchain in December 2017 \u2014 pretty much where Bitcoin <\/a>topped. <\/p>\n\n\n\n What followed was weird. The stock surged in the wake of the announcement, rallying as investors perceived this as somewhat of an indirect bet on Bitcoin, which was then the hottest asset on Earth. In fact, the stock, which was then listed on the Nasdaq, surged by 289% following the announcement. (Similar price action was seen in the stocks of Kodak<\/a>, On-line Plc, and other firms that tried and convert their businesses to accommodate blockchain). <\/p>\n\n\n\n