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'Hail Mary Pass:' SEC sues Kik for non-compliant securities sale in its $100 million ICO

Quick Take

  • The Securities and Exchange Commission is suing Kik for allegedly failing to comply with securities laws in the sale of its “Kin” token
  • The SEC is seeking a permanent injunction, a penalty and disgorgement with interest
  • Kik turned to token sales out of concern it would run out of money in 2017, when its messaging platform wasn’t performing well
The U.S. Securities and Exchange Commission (SEC) is alleging Kik Interactive Inc. sold millions of dollars worth of unregistered securities as part of its $100 million initial coin offering. The SEC announced a lawsuit against the company today, seeking a permanent injunction, a penalty, and disgorgement with interest.  Kik has responded in a statement, saying […]

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