Company at the heart of Facebook data scandal shuts its operations

Cambridge Analytica, the London-based company at the centre of the Facebook data scandal, is shutting down. 

In a statement, the company says it's begun insolvency proceedings in Britain.

"The Company is immediately ceasing all operations and the boards have applied to appoint insolvency practitioners Crowe Clark Whitehill LLP to act as the independent administrator for Cambridge Analytica," the statement reads.

The company's statement adds it's been the subject of unfounded accusations, and was vilified for activities that it says are legal and widely accepted as a standard part of commercial and political advertising.

The statement also blames media reports for distorting its image.

"Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully...the siege of media coverage has driven away virtually all of the Company’s customers and suppliers. As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration."

It was revealed earlier this year, that Cambridge Analytica improperly accessed the data of 87 million people, including more than 500,000 Canadians.