FTC sues smart backpack creator for allegedly using crowdfunded money to buy bitcoin

The Federal Trade Commission is suing a man for allegedly running off with more than $800,000 he raised on crowdfunding platforms under the premise of creating a smart backpack and other products. The Verge first broke the news of the iBackpack investigation in August, but today marks the agency’s first acknowledgment of its work.
The lawsuit claims that the creator, Doug Monahan, didn’t use his raised Indiegogo or Kickstarter funds to develop or deliver the backpack, but instead, h