Issues got a strange turn yesterday evening after news smashed that Kik, founder of a texting application for teens also known as Kik, has become carrying out layoffs in Israel and intends to shutdown the app.

Very first, after reports associated with the layoffs, Kik President Ted Livingston confirmed in a blog post that Kik is indeed closing down its software to be able to, “move boldly onward with KIN.”

KIN is actually a cryptocurrency efforts started in 2017 which is why the company happens to be in big hot-water utilizing the United States Securities and trade payment (SEC).

Kik lifted about $100 million USD in its ICO for KIN, saying:

“The intent behind the token should improve advantages exchanges in electronic providers particularly gaming software and social networking, and will at first be established regarding Kik messenger to leverage the application’s 15 million monthly active people. Usage Of Kin over various other tokens is incentivised by providing an everyday incentive to developers of these digital solutions according to their unique practices.”

Sadly, Kik done the ICO following SEC managed to make it obvious that ICOs happened to be very possible securities.

The SEC has now accused Kik of attempting to sell unlicensed securities. Whenever the SEC published the ailment, next head from the administration Division’s Cyber device, Robert A. Cohen, reported:

“Future earnings according to the efforts of people is a characteristic of a securities offering that must follow the national securities rules.”

Possibly up against the odds, Livingston, on the behalf of Kik, have vowed to combat the SEC, in which he and allies established a defence investment known as Defend Crypto – now in management of the Blockchain organization.Continue reading→