The United States Securities and Exchange Commission (SEC) filed a lawsuit against Thor Technologies and its co-founder and CEO David Chin in US District Court in San Francisco on Dec. Thor in 2018 is considered an unlisted security.
Thor Technologies raised $2.6 million from 1,600 investors between March and May 2018 through the Thor (THOR) token sale, with approximately 200 of the 1,600 investors residing in the United States. And not everyone is an accredited investor.
Thor claims to be “developing a software platform for the company and its employees, the ‘gig economy,'” although the platform is not yet complete.
“Thor markets Thor Tokens to investors in the belief that Thor Tokens are investment vehicles that may have increased value from Thor and David Chin’s management and entrepreneurial efforts to develop gig economy platforms. ”
Such tokens are useless at the time of the offering. While the business closed in 2019 after being “unable to attract and commercially successful,” according to David Chin’s LinkedIn profile, Thor Technologies currently produces the Odin software-as-a-service (SaaS) platform and hand apps. It offers a “gig economy” and should not be confused with the Thor blockchain.
Matthew Moravec, co-founder of Thor and former CTO which has since left the company, has settled with the SEC and accepted financial penalties. According to the agencyannouncein a statement
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