The U.S. Securities and Exchange Commission won a victory in absentia against Thor Technologies and the company’s founder, David Chin.
SEC, Unregistered securities sales of $2.6 million He filed a lawsuit against Thor Technologies on December 21, 2022, on the grounds that he did so. The SEC won the case with the decision taken on Wednesday.
According to the lawsuit filed by the SEC, Thor Technologies and its founder, David Chin, sought to fund a software platform. “Thor Token” started selling. However, the company did not register these tokens with the SEC and investment opportunity introduced as.
Thor Technologies, live “legal challenges” It announced that it was ending its activities in April 2019 due to this reason.
According to the court’s decision, Thor and David Chin will not be able to issue a cryptocurrency that is considered a security. Additionally, a payment of $744,555 is required, along with interest of $158,638. Chin will be able to buy and sell securities personally.