Cambridge Analytica is shutting down following Facebook user data scandal

"The Company is immediately ceasing all operations" and has filed applications to begin insolvency proceedings in the UK, Cambridge Analytica said in a statement. The statement also pushed back against widespread allegations that the company had improperly obtained Facebook user data to craft targeted advertisements, saying it "has been the subject of numerous unfounded accusations and, despite the Company's efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas". The company, which was retained by Donald Trump's presidential campaign, has come under tremendous pressure after it was revealed to have obtained data associated with up to 87m Facebook users. Seeking to contain a spiralling crisis, Facebook executives have repeatedly faulted Cambridge Analytica and researcher Aleksander Kogan for the data transfer. The company says Mr Kogan harvested data from a survey app and then passed it along to Cambridge Analytica, which did not destroy the data despite having claimed to do so.