U.S. SEC Charges Thor Technologies with Issuing $2.6 Million in Unregistered Securities

The SEC has charged Thor Technologies, its co-founder and CEO David Chin and Matthew Moravec, co-founder and former CTO, with carrying out an unregistered offering of securities through an ICO. The SEC details that the digital assets were marketed as an investment opportunity. The sale was promoted with the potential increase in their value and claims that they would be listed on crypto trading platforms.

Chin and his company are accused of selling "Thor tokens" to the general public to attract funding for the business which was supposed to build a software platform for the "gig economy" workers and firms, the SEC’s complaint reveals.