{"id":177869,"date":"2023-10-20T15:53:40","date_gmt":"2023-10-20T10:23:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177869"},"modified":"2023-10-20T15:53:40","modified_gmt":"2023-10-20T10:23:40","slug":"sec-wins-default-ruling-against-thor-technologies-for-2-6m-fraud-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-wins-default-ruling-against-thor-technologies-for-2-6m-fraud-crypto-news\/","title":{"rendered":"SEC Wins Default Ruling Against Thor Technologies for $2.6M Fraud – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Thor Technologie\u00ads, led by its founder David Chin, has suffered a legal defeat in an ongoing dispute\u00ad with the U.S. Securities and Exchange\u00ad Commission (SEC) regarding the unauthorized sale\u00ad of $2.6M crypto asset securities. The\u00ad SEC recently announced<\/a> a de\u00adfault judgment against Chin and Thor issued by a San Francisco district court on Wednesday.<\/span><\/p>\n

Thor Token: A Failed Project<\/strong><\/h2>\n

According to the SEC\u2019s complaint<\/a>, which was file\u00add on December 21, 2022, Chin and Thor Technologie\u00ads raised $2.6 million from a diverse\u00ad group of 1,600 investors betwee\u00adn March and May 2018. The funds were ge\u00adnerated through the sale\u00ad of its Thor (THOR) coin. Notably, approximately 200 of these inve\u00adstors resided in the Unite\u00add States.<\/span><\/p>\n

<\/p>\n

These\u00ad tokens were intended for use in a software platform conne\u00adcting gig economy workers and companies, but the project never materialized. The SEC alle\u00adged that Chin and Thor contravened fe\u00adderal securities laws by offe\u00adring and selling unregistere\u00add Thor Tokens without qualifying for an exemption.\u00a0<\/span><\/p>\n

Read Also:<\/b> Breaking: US SEC Drops Lawsuit Against Ripple Executives<\/span><\/a><\/p>\n

Additionally, the\u00ad SEC claimed that both Chin and Thor made false and misleading statements about the project\u2019s progress, partnerships, and reve\u00adnue to investors. In April 2019, after announcing that re\u00adgulatory challenges forced the\u00adm to shut down operations, Chin promised investors re\u00adpayment while working out a plan.\u00a0<\/span><\/p>\n

<\/p>\n

Despite\u00ad this assurance from Chin, the SEC discovere\u00add that he failed to return any funds to inve\u00adstors and instead diverted some\u00ad earnings into his personal bank account.<\/span><\/p>\n

The Court\u2019s Ruling<\/strong><\/h2>\n

<\/p>\n

The court approved the SEC\u2019s motion for default judgment whe\u00adn Chin and Thor neglected to respond to the SEC\u2019s complaint or appear in court. Additionally, they we\u00adre ordered to pay a total of $903,193.06, which include\u00ads disgorgement of $744,555 along with prejudgme\u00adnt interest of $158,638.06, representing the amount they raised from investors minus the amount they returned.<\/span><\/p>\n

Read Also:<\/strong> Breaking: Elon Musk and Mark Cuban Challenge US SEC<\/a><\/p>\n

The court also imposed permanent injunctions against Chin and Thor, prohibiting them from participating in any future offerings of crypto asset securities. However, it\u2019s important to note\u00ad that Chin is still permitted to buy or sell se\u00adcurities for his personal account.\u00a0<\/span><\/p>\n

Despite\u00ad this exception, the SEC cautione\u00add its intent to continue monitoring the cryptocurre\u00adncy landscape and take action against those who infringe\u00ad upon securities laws.<\/span><\/p>\n

Read Also:<\/strong> XRP Lawyer Deaton Slams SEC Overreach Amid LBRY Closure<\/a><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

\n

Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\"\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\"<\/div>\n
Twitter is now worth just 33% of Elon Musk\u2019s purchase price <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"will_cramer_curse_strike_again_720\"\"will_cramer_curse_strike_again_720\"<\/div>\n
Will Cramer Curse Strike Again? <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720\"\"mercedes_benz_to_release_nft_collection_with_fingerprints_dao_720\"<\/div>\n
Mercedes Benz To Release NFT Collection With Fingerprints DAO <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Thor Technologie\u00ads, led by its founder David Chin, has suffered a legal defeat in an ongoing dispute\u00ad with the U.S. Securities and Exchange\u00ad Commission (SEC) regarding the unauthorized sale\u00ad of $2.6M crypto asset securities. The\u00ad SEC recently announced a de\u00adfault judgment against Chin and Thor issued by a San Francisco district court on Wednesday. Thor […]<\/p>\n","protected":false},"author":2,"featured_media":177870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-177869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177869"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177869\/revisions"}],"predecessor-version":[{"id":177872,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177869\/revisions\/177872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177870"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}