The founders of Thor Token, a 2018 ICO, have been ordered to return ‘ill-gotten gains’ by the SEC.
Thor Technologies promised the creation of a ‘gig economy’ software platform, but development never went ahead.
David Chin and Matthew Moravec co-founded Thor Technologies in 2018 and released Thor Token as an ICO. The Securities and Exchange Commission of the United States (SEC) has now charged them with a string of offenses almost four years later.
CEO David Chin and his company Thor Technologies are being charged with selling an ‘investment opportunity’ in the form of tokens. This is classified as an ‘unregistered security’ according to the SEC.
Thor Technologies did not register with the SEC despite raising $2.6 million in seed investment from over 1600 participants. The company also claimed to be developing a ‘gig economy’ platform as well as touting exchange listings for their token. None of this transpired, which has resulted in complaints being ma
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