The oldest manufacturer of photo and video equipment Kodak has announced its decision to postpone the start of crowdsale. Meanwhile, a media report revealed the participation of the leading adviser of the upcoming ICO in unlawful activities in the past.

Kodak postpones the initial offering of KodakCoin tokens for "several weeks." Initially, it was scheduled to start on 31 January after the pre-sale ends. Within the pre-ICO, Kodak sold 8 million KodakCoins of its future blockchain-based platform for photographers to the Canada-based Global Blockchain Technologies corporation.

Kodak explained its decision to postpone ICO by saying that it had to conduct a thorough check of investors who have expressed their desire to invest in the platform and verify their status as accredited ones in compliance with the United States legislation. Accredited investors in the United States can be considered those investors who have an income of at least $200,000 per year or assets worth at least $1 million.

"Given the large interest in the KODAKCoin ICO and the steps that we need to take to verify the 'accredited investor' status of each interested investor, we expect this process to take several weeks," Kodak said in a statement.

The company also said that it received applications for participation from about 40,000 investors.

Kodak intends to launch a blockchain-based platform for photographers together with WENN Digital.

But it is possible that the decision to postpone the crowdsale is connected with the information about its leading adviser Cameron Chell appearing in media. As the New York Times reported a day before the supposed start of the ICO, Chell was previously known as a promoter of "pink stock" in Canada, and in 1998 he was banned for five years from trading on the Canadian stock exchange in Alberta and fined $25,000 for a violation of the exchange's rules. In addition, he was the founder of Chell Group, whose chairman, who replaced Cameron Chill in this position, was charged with fraudulent activities related to telemarketing.

Chell, in a conversation with a New York Times journalist, explained that at that time he was “young, inexperienced and was irresponsible in my actions,” and that he had “learned a lot since 1998 and worked hard to conduct myself in a manner that does not reflect that poor judgment.” Kodak did not comment on the information about the leading adviser's reputation and did not explain whether the company had known about its violations.