Kik in Trouble: May Shut Down App, Lay Off to 19 People, SEC Charges as the Tipping Point

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Canadian social media company Kik Interactive is considering terminating the operation of its messaging app Kik. The company has issued layoff notices to 70 employees in Israel. On September 24, Kik Interactive CEO Ted Livingstone released a statement announcing the closure of the Kik app and the reduction of the company's workforce to a core team of 19 people.

Since the U.S. Securities and Exchange Commission (SEC) charged the company with conducting a $100 million token offering without registration, Kik has been legally defending itself regarding the initial public offering of its tokens. Steven Peikin, co-director of the SEC's enforcement division, stated that by selling Kin tokens, Kik "deprived investors of the legitimate information they should have received, and hindered their ability to make informed investment decisions."

Kik was founded in 2009 by several Canadian students and gained the favor of well-known investment institutions. In 2017, Kik conducted its initial token offering (ICO), raising as much as $98 million and issuing a virtual currency called Kin.

This event has sparked people's thoughts on the relationship between blockchain startup projects and regulatory agencies, highlighting the regulatory challenges faced by the cryptocurrency industry.

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ForkLibertarianvip
· 08-04 14:02
It's over, it's over. The SEC is a demon.
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DefiPlaybookvip
· 08-04 12:12
Another project has been sanctioned by the SEC and has performed a Rug Pull. The suckers' harvesting machine is now halted.
View OriginalReply0
DegenWhisperervip
· 08-02 07:07
Another Web3 project has failed.
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rekt_but_not_brokevip
· 08-01 17:02
It's just a pure trap to make money.
View OriginalReply0
RektCoastervip
· 08-01 16:50
The SEC really knows how to stir things up.
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AirdropChaservip
· 08-01 16:49
The SEC must be anxious since they didn't make money.
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SchrodingerWalletvip
· 08-01 16:40
The SEC can't handle it.
View OriginalReply0
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