Fighting the SEC over cryptocurrency, Kik shuts down its chat app and lays off most of its staff
Canadian social-media company Kik Interactive Inc., which is fighting U.S. claims that it illegally raised capital, said it would shut its messaging app and lay off most of its staff.
In June, the Securities and Exchange Commission sued Kik, saying its $100 million fundraising in 2017 evaded U.S. investor-protection laws. Kik had sold its cryptocurrency, Kin, in an initial coin offering—a controversial type of fundraising popular during the bitcoin boom.
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