The digital coin would have helped people store online personal data and even sell it, former Cambridge Analytica employee Brittany Kaiser told The New York Times.
Cambridge Analytica, which obtained the data of 87 million Facebook users, was hoping to raise as much as $30 million through the venture. It has admitted that it had previously explored blockchain technology, but did not confirm the coin offering and did not say whether efforts were still underway.
The company also reportedly attempted to promote another digital currency behind the scenes. It arranged for potential investors to take a vacation trip to Macau in support of Dragon Coin, a cryptocurrency aimed at casino players.
Dragon Coin has been supported by a Macau gangster Wan Kuok-koi, nicknamed Broken Tooth, according to documents obtained by the Times.
Cambridge Analytica started working on its own initial coin offering mid-2017 and the initiative was overseen in part by CEO Alexander Nix and former employee Brittany Kaiser. The companys plans to launch an ICO were still in the early stages when Nix was suspended last month and the Facebook data leak started to gain public attention.