Thor Technologies, its co-founder and CEO David Chin, and Matthew Moravec, co-founder and former CTO, have been charged by the Securities and Exchange Commission of the United States with conducting an unregistered offering of securities via an ICO.
According to the SEC’s complaint, Chin and his company are accused of selling “Thor tokens” to the general public in order to raise funds for the company, which was supposed to build a software platform for “gig economy” workers and firms.
According to the regulator, the digital assets were marketed as an investment opportunity.
The sale was promoted by claiming that their value would rise and that they would be listed on cryptocurrency trading platforms.
According to the SEC, no development work on the Thor platform had yet occurred at the time of the offering, and tokens could not be used anywhere else. Furthermore, the $2.6 million in fiat and cryptocurrency raised from investors was not registered with the SEC and did not qualify for exemption.
(Reporting: Shikha Singh, Editing: Laxmikant Khanvilkar)
You need to login in order to Like
