The FTC is investigating a crowdfunding campaign that disappeared with more than $700K

The Federal Trade Commission might have a renewed interest in justice for crowdfunding backers. Emails seen by The Verge show that the agency is investigating at least one crowdfunding campaign gone bad — the iBackPack — which raised more than $700,000 across both Indiegogo and Kickstarter.

The backpack’s creator, Doug Monahan, marketed the device as a Wi-Fi-enabled, battery-packed backpack that would power gadgets on the go and provide a local hot spot for wearers’ friends. It launched on Indiegogo in 2015 and Kickstarter in 2016. Years later, the backpack has yet to ship, although some backers did receive “beta” device accessories, like batteries and cables, some time ago. Monahan’s two previous campaigns never reached their funding…

Continue reading…

Go to Source
Author: Ashley Carman

Powered by WPeMatico