Kik

Kik, SEC Propose $5M Settlement Over $100M ICO, Ending Yearlong Battle

Kik and the U.S. Securities and Exchange Commission (SEC) have proposed settling their dispute over a 2017 token sale with a $5 million fine. The proposed joint settlement, which also enjoins the Canadian firm against future U.S. securities law violations, still needs approval from presiding federal district Judge Alvin K. Hellerstein, according to public court …

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ICO Aftermath: US Rules in Favour of SEC in $100M KIK Case – SALT to Reimburse Claimants From 2017 ICO

A US court has ruled in favour of the US SEC after the regulator’s filing of a motion seeking summary judgment against Kik for violating the country securities laws. Kik, which raised $100 million from 2017 ICO, had filed its own motion of summary judgment but the court refused to grant this. In his judgment, …

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Court rules Kik’s 2017 ICO violated U.S. securities laws

U.S. District Judge Alvin Kellerstein has sided with the U.S. Securities and Exchange Commission (SEC), ruling that the Canadian technology firm Kik’s $100 million initial coin offering (ICO) violated federal securities laws. On September 30, Judge Kellerstein responded to both parties’ requests for summary judgment, determining that Kik’s 2017 token sale meets the definition of …

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Judge Rules Kik’s Token Sale Violated US Securities Law

A U.S. judge ruled Wednesday that Kik violated securities law when it raised $100 million via a token sale in 2017. Judge Alvin Hellerstein, a U.S. district judge for the Southern District of New York, wrote that in his view, Kik’s “token distribution event” (TDE) satisfied the three prongs of the Howey Test, referring to …

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Telegram’s Defeat Isn’t ‘Binding’ in Kik Case, Judge Tells SEC

Kik’s proverbial day in court may last a lot longer than Telegram’s. That’s the takeaway from a federal judge’s response to the U.S. Securities and Exchange Commission during a hearing in its case against messaging platform Kik over the company’s 2017 initial coin offering, which raised $100 million.  Judge Alvin K. Hellerstein, senior judge of …

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Kin Community Approves Move From Stellar Fork to Solana’s Blockchain

Almost a month after announcing its proposal to migrate to the Solana Blockchain, the Kin cryptocurrency project announced Friday that the move had been approved by its board and community, and a transition plan would be released in the coming weeks. The Kin Foundation said in a press release that the move to Solana’s blockchain …

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The Death of the ICO: Has the US SEC Closed the Global Window on New Tokens?

The United States Securities and Exchange Commission’s vigor in pursuing initial coin offerings, or ICOs, has become a major boogeyman within the crypto community.  Most recently, the case against Telegram ended with that company abandoning its planned open network and Gram tokens, which raised $1.7 billion. The question before the crypto community is now: Have …

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Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana

The kin cryptocurrency is exploring a move from its own fork of Stellar to the Solana blockchain.  To recap, the mobile app company Kik ran a $98 million initial coin offering (ICO) for kin in 2017, which was made on the Ethereum blockchain. Then the company said that it would use Ethereum for security and …

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