Kik Interactive announced late Monday that it's shutting down the messenger app and cutting its staff from over 100 people to just 19 employees. At its peak, Kik's messaging app had hundreds of millions of registered users.
New York At its peak, Kik's messaging app had hundreds of millions of registered users and the company earned a private market valuation of $1 billion, placing it in the elite ranks of tech unicorns. Now, Kik is shutting down its chat app after a fight with regulators.
Kik Interactive announced late Monday that it's shuttering the messenger app and cutting its staff from over 100 people to just 19 employees. The company will focus its remaining resources entirely on growing its cryptocurrency, Kin, the subject of a recent lawsuit filed by the Securities and Exchange Commission.The SEC sued Kik in June for raising about $100 million in an ICO, or initial coin offering, without properly registering the offering.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Messaging app Kik closes down as it battles SEC lawsuit over its cryptocurrency plansIn a blog post on Tuesday, Kik's CEO Ted Livingston confirmed that the company would be closing Kik to focus on Kin, its cryptocurrency business.
Read more »
Kik, A $1 Billion App Plagued By Child Abuse, ClosesKik is closing as the Kin cryptocurrency founder gets ready for battle with the SEC. Those who saw Kik as a crime haven may well be relieved.
Read more »
You can control this digital circuit breaker remotely - CNN VideoCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Read more »
Washington woman quit her job to find family dog lost on vacation - CNN VideoCarole King and her husband lost their dog while on vacation, so King quit her job to stay and search for Katie, her canine companion. HLN's Susan Hendricks explains.
Read more »
Climate change is affecting the food you eat. Here's how - CNN VideoThe carbon dioxide in the air is now changing the food coming out of the ground, scientists say. CNN's DrSanjayGupta reports on how rising CO2 levels could have a negative impact on our food supply.
Read more »