Bitcoin Forum

I created this thread in the legal section first because I wanted to know what would be the legal implication in the end.


So I am opening this thread separately here to know more about the in general opinion of most of you here.. what do you guys think the final outcome will be? settlement? or a win for kik?

I just recently acquired KIN and since it is one of the cheapest shitcoin available out there. I think if they win the case this can skyrocket the coin's value.

I think the same too, join the conversation on this other thread here to see more different opinions.
https://bitcointalk.org/index.php?topic=5152525.0

I just made my comment on that thread. I think the whole kik case feels like a case of crooked and corrupt officials that are bribed by Kik's competitors or they are just dumb and hypocritic. SEC demanding kik to give back investor's money makes no sense as the asset is already being sold in the open market, how is kik ever going to buy back every single token? if they were forced to do that, not many people would even know that the token is getting bought back and that way SEC would cause more harm than good.

To be honest i wouldn't count on them winning the case. I traded the token for some time but had to cut the losses nothing big but still, if you need to get rid or trade KIN instantly you can do it at Switch.ag and get some stable tokens or other alts man. Also, a good token right now could be AGI or TRAC, waiting good things for trac and despite the recent loses.

If you are thinking if that's not possible to be happened and then you can see the old case that happened. I remember some platforms were refunding all of the money back to the investors. To fight with SEC is not easy and even facebook can't do that easily.

https://i.imgur.com/UP4nDG3.png

https://www.coindesk.com/kik-says-sec-twisted-facts-about-100-million-token-sale

The Takeaway:

    Kik claims the SEC took executives’ comments out of context in a suit alleging the startup’s 2017 token sale violated securities laws.
    In a new filing, Kik – which raised $100 million from the sale – also said it has been looking at cryptocurrency since 2012, and did not use it as a last-minute pivot, as the SEC alleged.
    The Toronto-based company says Canadian regulators never made a final determination on whether the token was a security, contradicting their U.S. counterparts’ claims.

Messaging app Kik shuts down as company focuses on Kin, its cryptocurrency

Kik Interactive CEO Ted Livingston announced today that the company is shutting down Kik Messenger to focus on its cryptocurrency Kin, the target of a lawsuit filed by the Securities and Exchange Commission. The company’s team will be reduced to 19 people, a reduction that will affect over 100 employees, as it focuses on converting more Kin users into buyers.

https://techcrunch.com/2019/09/23/messaging-app-kik-shuts-down-as-company-focuses-on-kin-its-cryptocurrency/

There is a lot of FUD near Kik now, the staff have received notice about an unpaid day off, more and more this project moving to the scam.

Kik Founder: We’ll Fight SEC ‘Until We Don’t Have a Dollar Left’

“We have to keep going. Until that’s it, we don’t have a dollar left, a person left. We will keep going no matter how hard it is.”

https://cointelegraph.com/news/kik-founder-well-fight-sec-until-we-dont-have-a-dollar-left

I reckon everyone who is not a newbie in the cryptospace already knows this saying. Do not risk more than you can afford to lose.

Also, it is not okay to be a bagholder. The SEC might force it into a very long legal hearing until someone surrenders hehehe.

If the SEC wins, this is truly a panic for the crypto market. But I believe they will not do so at this time. In my opinion, they will be humane and extend this lawsuit so as not to influence the bear market further. After the Bakkt incident, the market has shown a weak mentality and we need time to recover.

The result could be in anyone's favour IMO but I bought the KIN at the current bottom already for the money I am willing to lose. KIN winning the case would mean I made a good decision. lol

KiK Continues Legal Battle With SEC, Requests Trial Date Definition

Kik Interactive Inc. requested the formal definition of a trial date for its lawsuit with the United States Securities and Exchange Commission (SEC), as revealed by a Jan. 9 court document. The company was charged by the SEC in June 2019 for conducting an unregistered security issuance with its $100 million initial coin offering (ICO).

https://cointelegraph.com/news/kik-continues-legal-battle-with-sec-requests-trial-date-definition

I think KIN team made a miscalculation by deciding to fight their way through this, even if you are going to win, what about the cost, the legal cost, the loss of value of our tokens and developmental slow down because of the side show. They should have settle with SEC like most of the projects in the space did and move on wit their project

They have no choice and caused by kin team has alreadu used so many amounts that raised from the crowdsale. if they are refusing it and follow all of the order that created by SEC and this team must bring back the investorr's money again. It just like create a refund to the investors. that's why this team is trying to waste all of the money to fight with SEC in the court.
But they have small chance to win against SEC right now. I doubt if this project can win against SEC.

Kik wants to meet SEC in court over token sale lawsuit

The U.S. Securities and Exchange Commission (SEC) believes that any cryptocurrency initial coin offering (ICO) is an attempt to offer the sale of unregistered securities. It has already spoken up on the subject on numerous occasions, holding several companies accountable for their actions.

https://coingeek.com/kik-wants-to-meet-sec-in-court-over-token-sale-lawsuit/

it will be a settlement imo, its a mess, and the SEC would not have opened the case to lose.... i think KiK was just having a cashgrab, taking advantage of this blockchain craze to make a quick buck?
they sold so many angel coins for cheap i bet for months beforehand, then dumped the rest at double+ the price on any newbies uninformed enough to buy the tokens publicly just cause of the company behind it :( :(
this biz model for the last 2 years is the same old for these big company backed ICO/IEOs sadly :(

I am 90 percent sure that KIK will solve all problems related to the SEC. This project has been working for a long time and I think that they will try to do everything possible to continue to exist as a decentralized application with its own tokens. I don’t know how much time they will need, but soon they will settle everything