How the 'Biggest Scam in Kickstarter History' Almost Worked

Rarely does a crowdfunding platform pull the plug on one of its projects.

But on Thursday, June 13, Kickstarter suspended all funding to a campaign called Kobe Red — just hours before the month-long endeavor was scheduled to close

Operated by a group called Magnus Fun, Inc., the project claimed to have been raising money for a brand of Kobe beef-based jerky, made with 100% organic feed- and beer-fed Japanese cows. In just under four weeks, Magnus accumulated more than $120,000, close to 50 times its initial goal of $2,437. It had racked up a whopping 3,252 backers

So why did Kickstarter suspend the entire project at the last minute? Evidently, the project was a scam.