Cambridge Analytica files for bankruptcy in the US

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In an interview with the CNN News, Cambridge Analytica whistleblower Christopher Wylie has affirmed that the data mining firm was involved in undermining Black votes in the 2016 USA presidential campaign as part of efforts by the former White House Chief Strategist Steve Bannon.

British political consulting group Cambridge Analytica (CA) filed for voluntary Chapter 7 bankruptcy in the Southern District of NY, court documents showed.

Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1m to $10m, according to reports.

The company had said earlier this month that they planned to shut down immediately and begin bankruptcy proceedings after a steep drop off in business. Wylie said Nix and Cambridge Analytica made presentations and sent documents to Lukoil, including a white paper about Cambridge Analytica's data collection and online targeting of Americans.

Facebook remains in damage-control mode in the wake of Cambridge Analytica fiasco.

He didn't go into specifics, but the DOJ has now launched an investigation into Cambridge Analytica, so hopefully the details on this will come out.

The fallout from the Cambridge Analytica case isn't over, as industry watchers expect it to lead to the adoption of new US laws that restrict companies' use of consumer data.

The firm became embroiled in scandal in March when former analyst, 28-year-old Canadian Christopher Wylie, revealed it had used a Facebook personality prediction app to hijack up to 87 million Facebook users' data - claims it denies. He said that information could be used to create an algorithm to target Facebook users with profiles similar to those that were obtained by Cambridge Analytica.

In announcing their shutdown plans, SCL and Cambridge Analytica complained that "the siege of media coverage" about Cambridge Analytica's use of Facebook data "has driven away virtually all of the company's customers and suppliers".