The U.S. Securities and Exchange Commission (SEC) has achieved a significant victory in its legal battle against Thor Technologies and its founder, David Chin. The SEC has obtained a default judgment against the company and Chin for conducting an unregistered crypto asset securities offering worth $2.6 million. This judgment comes after charges were initially filed against Thor Technologies in December 2022.A default judgment occurs when one party fails to fulfill their obligations in a legal proceeding, such as missing a trial or not submitting required documents within the specified timeframe. In this case, the SEC accused Thor and Chin of raising capital for a software platform called “Thor Tokens” without registering the offering with the SEC. These tokens were marketed to potential investors as a lucrative investment opportunity.The situation took a twist when Thor Technologies announced the cessation of its operations in April 2019, citing regulatory obstacles as the primary reason. The default judgment against Thor and Chin prohibits them from engaging in any further crypto asset securities offerings. Additionally, the court has ordered a disgorgement of $744,555 and prejudgment interest of $158,638.06.However, there is a silver lining for Chin as the judgment does not prevent him from buying or selling securities, including crypto-asset securities, for his personal account. It is important to note that this summary is based on the given context information and does not endorse any content or provide financial advice. Readers are advised to conduct their own research before making any decisions related to cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | David Chin |
| Companies | SEC, Thor Technologies |
| Currencies | None |
| Securities | None |
