Messaging App Kik Becomes SEC Casualty, Shuts Down Operations

Messaging app Kik, already embroiled in a contentious court battle with the SEC over the 2017 initial coin offering (ICO) of its Kin token, is shutting down. The company’s announcement was made in a blog post published earlier today, after reports surfaced online that it had laid off 70 people from the development team for Kin. The Kin Foundation team confirmed the layoffs as a … Continue reading Messaging App Kik Becomes SEC Casualty, Shuts Down Operations

SEC “Badly Mischaracterizes” Case Against Kin: Kik

Messaging app Kik Interactive has filed a response to the SEC’s complaint against it last month. In its complaint, the federal agency had alleged Kik’s offering of its token called Kin was a “hail mary” unregistered security offering intended to shore up dwindling revenues and a decline in user numbers on its app. The complaint quoted from internal emails and confidential conversations and painted a … Continue reading SEC “Badly Mischaracterizes” Case Against Kin: Kik

Mixed Response to SEC Case Against Kik

As the dust settles on the SEC’s suit against Kik, the list of supporters for Defend Crypto, a website that the messaging app service created to solicit donations for fighting the SEC in courts, has changed. Per the site’s latest version, Boston-based Circle, a crypto financial services company, is out. The name of San Francisco-based cryptocurrency exchange Coinbase has also been taken off the site’s … Continue reading Mixed Response to SEC Case Against Kik

SEC Files Case Against Messaging Startup Kik

The Securities and Exchange Commission (SEC) is suing messaging app Kik for an unregistered securities sale. Kik sold $100 million worth of tokens called Kin during an initial coin offering (ICO) from May 2017 to September 2017. The startup, which is backed by the likes of China’s Tencent and Union Square Ventures, claims that the tokens were utility tokens, meaning that investors bought them without … Continue reading SEC Files Case Against Messaging Startup Kik