Sahm Adrangi has been issuing warnings lately through his financial management company, Kerrisdale Capital Management. He is referring to the ICO project from Kodak, and he is advising their clients to stay away from the deal that he referred to as too good to be true. Kerrisdale Capital Management, established in 2008, released a series of statements claiming that the company is not connected or affiliated with the ICO project that Kodak is planning to release sometime this year. The ICO from Kodak will be named KodakCoin, and they are looking for potential investors who would be interested enough to fund the project. Sahm Adrangi does not have any problems with Kodak releasing a new ICO, but what concerns him is the persistent persuasion from Kodak to let his clients, and his company invests in the ICO project.
We short (misguided) innovation for a living, but shorting bitcoin or doubting cryptocurrencies is nutty. The mkt opportunity is massive https://t.co/Q4vsI9nuyf
— Sahm Adrangi (@SahmAdrangi) September 25, 2017
However, upon further investigation, Sahm Adrangi found out that the ICO project from Kodak is a sham. He issued a warning to all of his clients because he does not want anyone of them being taken advantage of, especially right now that ICO marketing is prevalent. He warned all of his clients to try staying away from the project and to focus on other investments instead. Sahm Adrangi also issued several claims that his company is in no way affiliated from the project by Kodak, and he added that any claims that the Kerrisdale Capital Management is in a partnership with Kodak are definitely a lie.
Sahm Adrangi advised the public to be cautious regarding these new schemes that are being introduced by some companies. He stated that these companies are taking advantage of the flight of the cryptocurrency industry and that they wanted to ride the bandwagon and experience their success. He also elaborated that the ICO project from Kodak could be able to attract so many people, and they could end up losing all of their money with the “fraudulent” project from Kodak. Sahm Adrangi also told the media that The Kodak ICO project is being headed by someone who is under the surveillance of the Canadian Stock Exchange because of previous fraudulent transactions and violations that he or she committed in the past.