SEC Scores Default Win Against Thor Token Company and Founder David Chin

The U.S. Securities and Exchange Commission (SEC) has been awarded a default judgement against Thor Technologies and its laminitis David Chin connected charges of conducting a $2.6 cardinal unregistered offering of crypto plus securities, according to tribunal documents.

The judgement connected Wednesday from a San Francisco territory tribunal and a consequent SEC announcement connected Thursday travel astir a twelvemonth aft the SEC brought charges against Thor Technologies connected December 21, 2022.

Default judgments typically hap erstwhile the opposing enactment fails to instrumentality definite action, either failing to be a proceedings oregon conscionable circumstantial deadlines for filing documents.

The SEC had charged Thor and Chin for offering and selling "Thor Tokens" to money a concern of a bundle level for gig system workers and companies. The offers and income of Thor Tokens were not registered with the SEC and were marketed arsenic an concern opportunity, the SEC said. In April 2019, Thor announced it was shutting down its operations owed to "many regulatory challenges."

The tribunal has barred Thor and Chin from participating successful immoderate crypto plus securities offering and ordered a disgorgement of $744,555 with prejudgment involvement of $158,638.06. The bid does not forestall Chin from purchasing oregon selling securities, including crypto-asset securities, for his ain idiosyncratic account.