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Technology

Dec. 23, 2022

SEC sues defunct Thor Technologies over cryptocoin offering

The agency accused CEO and co-founder David Chin and former chief technology officer and co-founder Matthew Moravec of selling crypto assets called “Thor Token” and claiming to investors that Thor Technologies would use that money to “develop a software platform for gig economy companies and workers, with features including an instant payment mechanism and pooled health insurance,” but never completing the platform.

The Securities and Exchange Commission sued defunct Thor Technologies, its chief executive officer and former chief technology officer, accusing them of conducting an unregistered offering of securities through an initial coin offering.

The agency accused CEO and co-founder David Chin and former chief technology officer and co-founder Matthew Moravec of selling crypto assets called “Thor Token” and claiming to investors that Thor Technolo...

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