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Shkreli Wu-Tang CD Is Newest Focus in Odd Virtual Coin Craze

Shkreli Wu-Tang Album Is Newest Target in Odd Virtual Coin Craze

(Bloomberg) -- It looks like the Game of Thrones token may not be the strangest initial coin offering of 2017, after all.

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.

Shkreli Wu-Tang CD Is Newest Focus in Odd Virtual Coin Craze

The fundraising began today, according to Wu-Tang Coin’s Twitter account, which has 17 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. It has raised less than $1,000 so far.

Earlier this month, Shkreli reportedly sold the album -- “Once Upon a Time in Shaolin” -- for just over $1 million on EBay, though it’s unclear if the sale went through.

To contact the reporter on this story: Lily Katz in New York at lkatz31@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka