Kik, the $1 billion app plagued by child abuse, is to be closed
to run groups sharing such illegal imagery for over a year as investigators sought to ensnare pedophiles.But Livingtone didn't mention any of those problems. Instead, he said the company is refocusing on its cryptocurrency, Kin, launched back in 2017. In June the SEC charged Kin's creators over an initial coin offering that raised $100 million.
"After 18 months of working with the SEC the only choice they gave us was to either label Kin a security or fight them in court. Becoming a security would kill the usability of any cryptocurrency and set a dangerous precedent for the industry. So with the SEC working to characterize almost all cryptocurrencies as securities we made the decision to step forward and fight.
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