The SEC comes after Thor, years after its demise.
The United States Securities and Exchange Commission filed a complaint against Thor Technologies and its cofounder and CEO David Chin in U.S. District Court in San Francisco on Dec. 21. The SEC claimed that Thor’s 2018 initial coin offering constituted an unregistered securities sale under the Securities Act of 1933.
Thor Technologies raised $2.6 million from 1,600 investors between March and May 2018 through the sale of its Thor coin. About 200 of the 1,600 investors lived in the United States. Not all of them were accredited investors. The SEC claimed in the suit that the sale of constituted a securities sale.
The complaint stated that Thor claimed it would “develop a software platform for ‘gig economy’ companies and workers,” although that platform was never completed. The SEC continued: “Thor marketed the Thor Tokens to investors who reasonably viewed the Thor Tokens as an investment vehicle that might appreciate in value based on Thor’s and Chin’s managerial and entrepreneurial efforts in developing the gig economy software platform.”
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