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Tea Company That Added Blockchain To Its Name Being Investigated

There is no doubt that cryptocurrencies are getting into all aspects of society. Be it shopping, in-store retail or online and also trading, hearing crypto or blockchain is enough for a company to be considered on the bleeding edge of the market, and for its value to rise in the stock markets. That is the case of an iced tea company called Long Island Tea Corporation that suddenly changed its name to “Long blockchain Iced Tea”, making dubious assertions about its technological and blockchain affinity.
With this name, an important change occurred: from a day to another their actions skyrocketed, with their total valuation going from little more than 20 million dollars to more than 70 million dollars in a short amount of time. This only to the fact of changing its name in the most profitable time for cryptocurrencies last December, when prices reached all-time highs of more than 17,000 dollars per bitcoin.
But now those golden days are gone, and things have gone south for the company, according to Bloomberg. They have been shown the way out of NASDAQ, due to their total valuation falling down their limit to stay in that stock market, and now they are being subpoenaed by the Securities And Exchanges Commision, the regulators in charge of protecting investors, that is supposedly carrying an investigation of the facts that made the company so profitable in only days.
A spokesperson of the company said that they were cooperating actively with the regulators but that they have no clue about the possible outcome of the said investigation. This could mean that regulators are inquiring about the fact of the name change being a possible fraud for market manipulation, by trying to leverage the strength that a simple yet powerful buzzword like blockchain was generating at the moment. Be it as it may, this could well establish some foothold to judge other similar cases in the future.

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