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Cricket star Michael Clarke in bitcoin endorsement row

Former Australian cricket captain Michael Clarke has come under fire for endorsing a fundraising scheme by a Queensland based crypto currency trading company.

Global Tech Exchange is seeking to raise between $10m and $50m through an initial coin offering for its cryptocurrency trading and exchange platform. Last night, Clarke tweeted there were “exciting times ahead” with a screenshot of his brand ambassador entry on the company’s website.

“I am really excited to be involved with Global Tech,” says Clarke’s endorsement. “Their ambition and drive is something that I resonated with straight away and I can’t wait to learn more about blockchain technologies.”

A company spokesperson told Mumbrella: “Michael signed on to be a Global Tech ambassador recently after a process of discussions and assuring the legitimacy of Global Tech’s project.”

Initial Coin Offerings (ICO) are often used by cryptocurrency startups to bypass the regulated capital-raising processes required by traditional public methods such as stock market floats.

Prominent Sydney investor John Hempton was quick to call out Clarke on his blog, pointing out, “there are worse things you can do than tamper with the ball using sandpaper”.

Hempton was reluctant to comment when contacted by Mumbrella for further comment about his concerns, but did add: “”Clarkey is being run out on his own call. I will stay in the crease.”

Billing itself as a “A Crypto Community for the People by the People”, the company is set to open its ICO on August 15 with the aim of launching the platform in early December.

So far it is unclear what channels Global Tech Exchange is marketing its ICO through, however Mumbrella has contacted Michael Clarke and Global Tech Exchange for Comment.

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