From Iced Tea to Blockchain: The Rollercoaster Journey of Long Blockchain Corp

The Sweeping Transformation

Long Blockchain Corp., which once frolicked in the refreshing world of iced tea, has swapped its beverage roots for the more nebulous realm of blockchain technology. This rebranding, which occurred in early 2018, created a stir that raised eyebrows and share prices almost overnight—from crypto-dollars to real dollars in what seemed like a Dickensian twist of fate.

Draining the Cup: Sale of the Beverage Subsidiary

In a recent move, the company has officially agreed to sell its beverage subsidiary, Long Island Brand Beverages, to the Canadian firm ECC2 Ventures. Andy Shape, the CEO, claims that this strategic withdrawal will enable the firm to sharpen its focus on its loyalty operating business—a move he states is backed by impressive growth over the past year. Talk about holding your drink and drilling for data!

When Names Matter: The Blockchain Effect

In a market that saw a flurry of companies adding ‘blockchain’ to their names like it was the new avocado toast, Long Blockchain’s shares soared from around $5 million to nearly $70 million shortly after its rebranding. Who knew adding the word ‘blockchain’ could turn your company into a gold mine? But here’s a twist: they got delisted from the Nasdaq not long after that due to low market capitalization. Maybe ‘blockchain’ wasn’t such a magic word after all!

FBI: More Than Just Investigative Curiosity

As if things couldn’t get wilder, reports from July indicated that the FBI was delving into Long Blockchain for potential insider trading and securities fraud. They sought to extend an existing warrant to acquire communications revealing a debugging side of Long Blockchain—a narrative we all know too well in corporate dramas where the plot thickens faster than a good smoothie.

The Industry’s ‘Blockchain’ Fever

Back in 2017, the term ‘blockchain’ became the hottest buzzword since gluten-free. Many companies jumped on the hype train, including Long Island Iced Tea, likely without having a clue what they were getting into. This trend led to a bizarre array of rebranding efforts that left everyone questioning which companies were truly blockchain-centric. Without a doubt, this era was all about perception over actual technology.