The proposal comes three weeks after Hellerstein handed down a summary judgment finding that Kik’s $100 million ICO was an unregistered and illegal securities offering. He decided that the offering for Kin tokens had met the three-part Howey test, which assesses whether there is an investment of money in a common enterprise with profits to be derived solely from the efforts of others.
-
-
Kik won’t get its day in court
The messaging app turned blockchain developer loses badly to the SEC after a summary judgement finds that 2017’s $100 million Kin ICO was an illegal, unregistered securities sale
In a devastating ruling, a federal judge handed down a summary judgement finding that Kik’s $100 million initial coin offering in 2017 was an unregistered and illegal securities offering.
-
We're guessing the folks at Kik want to give a kick to authority of some kind right about now (via Pixabay).Hounded by SEC, Kik shuts down, laying off 100: Here’s what you need to know
The high-profile lawsuit over its Kin ICO proved too much for the messaging app, which will keep a small team developing the cryptocurrency
The U.S. Securities and Exchange Commission claimed a high profile scalp on September 23, when messaging service Kik announced it would shut down, laying off more than 100 employees. (Update: as of Oct. 13, it's not shutting down.)
-
Outraged Kik blasts SEC lawsuit
Kik Interactive responded angrily yesterday to a lawsuit by the U.S. Securities and Exchange Commission alleging its $100 million initial coin offering of the Kin cryptocurrency was illegal. The case is the SEC’s highest-profile action to date claiming that an ICO violated the law by selling an unregistered security to the public.
