"If with the SEC, everyone is not satisfied"
The United States Securities and Exchange Commission (SEC) this time targeted a new victim by filing a complaint against Chief Executive Officer (CEO) David Chin and co-founder Thor Technologies.
The SEC alleged that Thor's 2018 initial coin offering (ICO) was an unregistered sale of securities under the Securities Act of 1933.
It is well known that the sale of THOR has enabled Thor Technologies to generate $2.6 million from 1,600 investors in the period from March to May 2018.
The complaint filed by the SEC in the US District Court in San Francisco also raised the issue of Thor intending to develop a software platform for 'gig economy' companies and workers*, but so far has not seen any renewal.
*A free market system trend that gives freedom to organizations and workers to live on voluntary work contracts without having to employ full-time workers.
During this period, Thor functions as a software-as-a-service (SaaS)* platform production service, Odin, mobile applications and the "gig economy" after their token sale business closed in 2019.
*Software licensing model, which allows access to software on a subscription basis using an external server.
One of the reasons why THOR does not have any value is as a result of not gaining traction among investors and failing to achieve commercial success.
In the meantime, Thor co-founder and chief technology officer, Matthew Moravec has left the company after agreeing to the penalty imposed by the SEC.
Apart from Thor, the giant Binance also received a similar setback when the SEC investigated the Binance 2017 ICO.
