SEC files suit against Thor Technologies ICO organisers

The U.S. Securities and Exchange Commission (SEC) charged Thor Technologies, CEO David Chin, and former CTO Matthew Moravek with an unregistered securities offering of $2.6 million. The suit was filed in the Northern District of California.

According to the SEC, from March to May 2018 the defendants organized a public sale of THOR tokens. They pledged to use the proceeds to develop a platform for large enterprises and their employees.

According to the regulator, the organizers marketed the coins as an investment opportunity and claimed they would be listed on cryptocurrency exchanges.

«[…] at the time of the offering on the Thor platform, there was no development underway, and there was no other use for THOR tokens», the statement said.

The SEC charged Thor Technologies and Chin with violations of the Securities Act. It sought a court injunction on operations, restitution to investors, prejudgment interest, and a civil penalty.

Moravek agreed to settle with the SEC. He will pay $407,103, interest of $72,209, and a $95,000 penalty.

Earlier in September, the SEC charged the crypto investor and YouTube blogger Yana Balina with involvement in the unregistered ICO Sparkster. As part of the settlement, the project and its CEO Sajjad Daiya will pay more than $35 million to affected investors.

Later, Balina launched a fundraising drive for to ‘fight’ SEC abuses, to which the broadened definition of the term ‘security’ was attributed.

Follow ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analysis.