TechFlow reports that the U.S. Securities and Exchange Commission (SEC) has charged Thor Technologies and its co-founders David Chin and Matthew Moravec with conducting an unregistered securities offering through an ICO, raising $2.6 million. In 2018, the company minted and sold tokens to fund its "gig economy platform," even though development of the platform had not yet begun. The lawsuit against Thor and Chin has been filed in the U.S. District Court for the Northern District of California.
A second lawsuit alleges that Matthew Moravec also participated in the unregistered token issuance and sales. He has agreed to settle with the SEC and consented to a judgment requiring him to disgorge $407,103, plus $72,209.45 in pre-judgment interest, and pay a civil penalty of $95,000. Moravec will also be barred from participating in any crypto asset offerings for three years.
