Thor Technologies Face Legal Setback in SEC Dispute Over Crypto

Legal Setback Faced by Thor Technologies Over Crypto Assets

Thor Technologies and its founder, David Chin, faced a judicial setback in an SEC controversy over the unapproved sale of $2.6 million in crypto assets. The SEC announced a default judgement in their favour after Thor and Chin failed to respond to the prosecution. The SEC's complaint alleged that they raised these funds in 2018 for a gig economy software platform, with sales of Thor Tokens not promoted and registered as investments. Chin is blamed for violating securities laws and providing deceptive information to investors. The judgement requires them to pay $903,193.06 and includes permanent injunctions against future offerings of crypto assets. Chin can still buy or sell crypto assets for personal use.