New "Wu Tang Coin" Raises Money To Buy Martin Shkreli's Copy Of "Once Upon A Time In Shaolin"

In the latest sign that the market for initial coin offerings has probably peaked, Bloomberg is reporting that a company is planning to launch an ICO with the explicit goal of raising enough money to purchase the only extant copy of “Once Upon A Time In Shaolin”, the rare Wu Tang Clan record and current record holder for most expensive single album ever sold. Martin Shkreli once paid $2 million for the record.

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 coin launched Monday, according to its Twitter account, which has a whopping 13 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. Because of its decentralized nature, the creators of Wu Tang Coin claimed in a White Paper that an ICO would be able to circumvent legal restrictions barring the owner from publicly releasing the album for commercial purposes until the year 2,103.

The goal of the project is to release the album for free on the internet. The company says coin holders will be compensated with "gifts" to incentize participation.

A straightforward purchase of the album by a music company would be pointless because the album cannot be “commercially exploited” in a reasonable amount of time. Therefore,
we propose to:

1. Raise funds via an ICO and attempt to negotiate a purchase with the album’s current owner.

2. Give Wu-Tang Coin donors to the ICO (i.e. owners of Wu-Tang Coin) gifts to incentivize participation.

3. Release the album on all free and paid streaming music sites after a short amnesty period (six months) designed to give owners of Wu-Tang Coin time to enjoy the album exclusively, before everyone else.

As we reported earlier this month, the ownership of the Wu Tang album is in doubt after Shkreli sold the album on eBay for just over $1 million – about half what he paid for it in late 2015, shortly before being labeled “the most hated man in America” after his former company, Turing Pharmaceuticals, raised the price of Toxoplasmosis drug Daraprim by 5,000%.

After being convicted on three counts of securities and wire fraud after the conclusion of a month-long trial in Brooklyn Federal Court, Shkreli's bail was revoked shortly before the auction ended and he was sent to a notorious federal jail in Brooklyn to await his sentencing in January. Prosecutors asked that his bail be revoked after a published what he described as a satirical post saying he would pay a $5,000 bounty for a strand of Hillary Clinton's hair. It's unclear what will happen with the Wu Tang album.

Read the White Paper in full below:

Wu-Tang+Coin+whitepaper+v1.0.0 by zerohedge on Scribd




motoXdude Mon, 09/25/2017 - 21:07 Permalink

OK, it's a done deal now:  I'm going into that closet under the stairs to find my old Monopoly Game!  That paper money has to be worth SOMETHING now!   I have Baltic Avenue for-sale now... any takers?  

Yen Cross Mon, 09/25/2017 - 23:39 Permalink

  Has anyone recently shipped anything with USPS?   JFC-  I can't believe how expensive it is to ship crap with USPS!  Bezos better have a damn good escape plan, cause he's gonna wish he was living on Mars when this house of cards falls.  Ohh Yeah--- The eur/usd is riding the 50-Day SMA like a snowflake hiding from the morning Sun.  Last time was April 14th 2017.  * Did I poo-poo on euro longs? I said last night eur/jpy was going down.  What happened?

Father ¢hristmas Mon, 09/25/2017 - 21:51 Permalink

Rza's gotta be behind this shit.  He's always coming up with raggedy ass bullshit to bilk his cornball, suburbanite Jew fans out of Disney Dollars, and this is no different.Rza made the Clan, and as soon as group members got mad at him for double dipping on the royalties as a fellow artist and a producer (which he was totally legally entitled to do, BTW) he started doing slick shit to fuck up their brand lolBonus Lightning Round: It's always funny to me when cracker hicks do their dumb dindu nigger routine in relation to Wu Tang.  Rza and Gza alone are like nineteen times smarter than a majority of the population.  There are a lot of rappers in which the dumb nigger stereotype richly applies, but the Wu Tang Clan is definitely not of that ilk.

swizzlefoot Tue, 09/26/2017 - 07:32 Permalink

Wu Tang, ger your lawyers cause this mofo wants to raise funds with your trademark. I don't see a clause in the ICO about intellectual property or royalties! Gotcha bitch!