According to court filings, Thor Technologies and its creator David Chin have been found guilty of executing an unregistered offering of crypto asset securities worth $2.6 million, and as a result, the U.S. Securities and Exchange Commission (SEC) has granted a default judgment against them.A district court in San Francisco rendered a decision on Wednesday, and the SEC made an announcement on Thursday. The SEC first filed accusations against Thor Technologies on December 21, 2022, over a year ago.
Default judgments usually arise from the other party’s failure to comply with specified requirements, such as missing deadlines for document submission or trial attendance.The SEC had filed charges against Thor and Chin for marketing and selling “Thor Tokens” in order to raise money for a software platform that catered to gig economy employees and businesses.According to the SEC, offers and sales of Thor Tokens were advertised as investment opportunities but were not registered with the agency.In April of 2019, Thor declared that it was going to cease operations because of “many regulatory challenges.”
Thor and Chin are not permitted to take part in any crypto asset securities offerings by the court, and a disgorgement of $744,555 along with $158,638.06 in prejudgment interest has been ordered.Chin is free to buy and sell stocks for his own account, including crypto-asset securities, despite the order.