Crypto Currency

This Case Could Change How the SEC Regulates Cryptocurrencies

Last week the Canadian social media company Kik—and an array of prominent backers in the crypto world—launched a $5 million campaign to fund an impending legal battle with the Securities and Exchange Commission. CEO Ted Livingston said the fight, which centers on Kik’s $100 million initial coin offering in 2017, was worth funding because it…

Last week the Canadian social media company Kik—and an array of prominent backers in the crypto world—launched a $5 million campaign to fund an impending legal battle with the Securities and Exchange Commission. CEO Ted Livingston said the fight, which centers on Kik’s $100 million initial coin offering in 2017, was worth funding because it could have wide implications for blockchain startups, many of which used ICOs to fund their fledgling ventures. He said he welcomed a court battle that would allow judges to carve out more favorable regulations for digital tokens.

Gregory Barber covers cryptocurrency, blockchain, and artificial intelligence for WIRED.

On Tuesday, the SEC rang the bell for the first round of the fight, filing a civil complaint alleging that Kik’s ICO was an illegal sale of securities.

In its complaint, the SEC alleges Kik marketed its token, known as kin, as an investment opportunity, emphasizing potential returns to early buyers. It says Kik described the token as a “Hail Mary” pass to keep the company afloat as it ran short on venture capital in early 2017. The intent, the SEC alleges, was to use proceeds from the ICO to fund Kik’s operations while building out a new “speculative venture” that involved an ecosystem of apps that used kin. “Kik told investors they could expect profits from its effort to create a digital ecosystem,” Robert Cohen, chief of the Enforcement Division’s Cyber Unit, said in a statement.

Kik has been unusually vocal in its dispute with the SEC. In January it went public w

Read More

Be the first to write a comment.

Leave a Reply

Crypto Currency

Learn how to invest in cryptocurrencies with this set of online classes

TL;DR: The Complete Cryptocurrency Investment bundle is on sale for £19.21 as of June 25, saving you 94% on list price. If we’re to believe every plot point from the movie The Social Network, Mark Zuckerberg allegedly stole the idea for Facebook from the Winklevoss twins and went on to become one of the youngest…

TL;DR: The Complete Cryptocurrency Investment bundle is on sale for £19.21 as of June 25, saving you 94% on list price.


If we’re to believe every plot point from the movie The Social Network, Mark Zuckerberg allegedly stole the idea for Facebook from the Winklevoss twins and went on to become one of the youngest billionaires ever. 

Things ended up working out for the Winklevoss brothers, though. They received a $65 million settlement and competed in the 2008 Beijing Olympics, but they still weren’t a member of the prestigious billionaire club. That changed when they finally became billionaires thanks to Bitcoin. 

For the uninitiated, Bitcoin is a digital payment system and cryptocurrency that’s not tied to any country or bank. Bitcoin sometimes gets a bad rap for being associated with criminals and the dark web, but there are many advantages to using a decentralised system.

Even if you don’t have a $65 million to invest, you can still learn how to make mone

Read More

Continue Reading
Crypto Currency

Forget PS5: A Fake Spoof Console is Embarrassing the Xbox Series X

KFC Gamings reveal of a new, next-generation console generates more views on social media than the Xbox Series X.The console reveal, a joke response to the PS5 reveal event, has doub…

  • KFC Gamings reveal of a new, next-generation console generates more views on social media than the Xbox Series X.
  • The console reveal, a joke response to the PS5 reveal event, has doub…
    Read More
Continue Reading
Crypto Currency

Someone paid $2.6 million in fees to move $134 worth of crypto and oops

There are typos, and then there are typos.  Someone appears to have made a mistake this morning when transferring the cryptocurrency ether (ETH), the younger sibling to bitcoin, from one digital wallet to another. After all, when moving around $134 dollars worth of digital currency, it hardly seems like anyone would intentionally pay a $2.6…

There are typos, and then there are typos

Someone appears to have made a mistake this morning when transferring the cryptocurrency ether (ETH), the younger sibling to bitcoin, from one digital wallet to another. After all, when moving around $134 dollars worth of digital currency, it hardly seems like anyone would intentionally pay a $2.6 million fee — and yet that’s exactly what happened. 

That’s right. Someone paid 10,668.73185 ETH, worth approximately $2.6 million at the time, to move 0.55 ETH from one wallet to another. The transaction, in all its painful glory, is visible on Etherscan — a tool for viewing and searching ETH transactions. 

Read More

Continue Reading
Crypto Currency

Hartley Sawyer Fired For Racist Tweets – You’re Next, Ellen Degeneres

Hartley Sawyer of The Flash has just been fired after his racist, misogynistic tweets surface.Hes far from the only celebrity with racist social media posts in the past.Its …

  • Hartley Sawyer of The Flash has just been fired after his racist, misogynistic tweets surface.
  • Hes far from the only celebrity with racist social media posts in the past.
  • Its …
    Read More
Continue Reading