Thor Technologies: From Hero to Zero in the World of Crypto

SEC achieves default judgment against Thor Technologies and its founder

SEC wins default judgment against Thor Technologies founder.

In a dramatic turn of events, Thor Technologies, led by the illustrious David Chin, has hit a legal roadblock in their tussle with the formidable U.S. Securities and Exchange Commission (SEC) over the unsanctioned sale of $2.6 million worth of crypto asset securities. It’s a tale as old as time, where the SEC emerged victoriously from the courtroom, waving their judgment around like a shiny scepter.

Picture this: the scene was set on October 18th, and a default judgment crashed down on Chin and his Thor empire. A default judgment, for those unfamiliar with the term, is like a sucker punch delivered by the court when one party fails to respond or defend their case within the legal time frame. Ouch! It’s the legal equivalent of running out of arguments and desperately searching for your lawyer under the courtroom benches.

But let’s back up a bit. According to the SEC’s complaint, filed on December 21st, 2022, Chin and Thor Technologies gathered a sweet $2.6 million from around 1,600 hopeful investors between March and May of 2018. They promised these weary souls a dazzling software platform designed specifically for gig economy workers and companies. Sounds dreamy, right? Well, the SEC begs to differ.

Their bone to pick? The SEC firmly believes that the offers and sales of Thor Tokens were conducted without their stamp of approval. It’s like Thor swung his mighty hammer and forgot to register the swing with the SEC referee. Tsk, tsk, Thor, you should know better! They claim that Chin and his merry band of entrepreneurs promoted these tokens as investment opportunities without following the necessary registration protocols.

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Of course, the plot thickens, my dear readers. The SEC had more than just registration woes in their arsenal. They accused Chin and Thor of showering investors with a deluge of falsities. Apparently, they were spinning tales of project advancements, lucrative collaborations, and impressive income. It’s like Chin was singing “Lies, Lies, Lies” while doing the Macarena. But in a shocking twist, it turns out that Chin didn’t follow through on his promises. Instead, he slyly redirected his earnings into his personal bank account, leaving investors high and dry. It’s a classic case of “take the money and run,” except in Chin’s case, he didn’t even bother with the running part.

The SEC, in their infinite wisdom, decided that justice should prevail. They slapped Chin and Thor with a hefty bill of $903,193.06, which includes disgorgement costs of $744,555. Let’s call it the price of playing fast and loose with securities laws. But wait, there’s more! The judgment also comes with a permanent injunction that prohibits both Chin and Thor from ever dabbling in the dark arts of crypto asset securities offerings again. It’s like being banished to a cryptographically sealed dungeon, where the only currency you’ll come across is the chimes of regret. However, Chin does get a small consolation prize – he can still buy and sell securities for his personal account. You know, just in case he feels like testing the waters of financial temptation once more.

And there you have it, folks. Thor Technologies, a once glorious powerhouse, now brought to its knees by the mighty SEC. This cautionary tale reminds us all that in the world of crypto, even the mightiest can fall. So, dear readers, let us heed this lesson and tread carefully in the turbulent seas of digital investments. And always remember, when it comes to investing, trust is as valuable as the shiniest crypto coin.

Now, it’s your turn! Have you had any encounters with the SEC or other regulatory bodies in the crypto realm? Share your tales of triumph or woe in the comments below. Let’s keep the conversation going!

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