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

The Federal Trade Commission may well have a renewed fascination in justice for crowdfunding backers. Emails viewed by The Verge show that the agency is investigating at least one particular crowdfunding campaign gone negative — the iBackPack — which lifted extra than $seven hundred,000 across both of those Indiegogo and Kickstarter.

The backpack’s creator, Doug Monahan, promoted the gadget as a Wi-Fi-enabled, battery-packed backpack that would electricity gizmos on the go and provide a community sizzling location for wearers’ pals. It released on Indiegogo in 2015 and Kickstarter in 2016. Years later, the backpack has still to ship, although some backers did obtain “beta” gadget extras, like batteries and cables, some time in the past. Monahan’s two former strategies in no way reached their funding…

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