Creator of Failed Kickstarter Project Agrees to Settlement with FTC

Doug Monahan, the creator of the failed iBackPack crowdfunding project, is settling with the Federal Trade Commission and has agreed to never crowdfund again. The agreement comes after more than a year of back-and-forth between the agency and Monahan, who the FTC said misused the nearly $800,000 he raised on Kickstarter and Indiegogo to bring the backpacks to life and instead spent the money on personal expenses and bitcoin.

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