Amidst the chaos of the crypto industry going through multiple reasons, another crypto project came under the financial regulator’s radar. Recently Thor Technologies reported to witness filing of complaints by the SEC including filling against co-founder and CEO David Chin. The agency claimed that the initial coin offering (ICO) of Thor in 2018 was an instance of sale of unregistered securities.
From March to May 2018, Thor Technologies was said to raise about 2.6 million USD worth of funds from 1,600 investors. The fund was done after the sale of its native asset THOR coins. Out of the 1,600 investors, about 200 were residents of the United States and some of them were not recognized. The ICO was claimed by the agency as a sale of securities.
The complaint the Securities and Exchange Commission filed on December 21st noted that Thor said in its claim that it would be helping ‘gig economy companies and workers to develop a software platform. However it never completed its promi
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