SEC wins default judgment against Thor Technologies and founder

Thor Technologies, under the leadership of its founder David Chin, has faced a legal setback in an ongoing dispute with the U.S. Securities and Exchange Commission (SEC) over the unapproved sale of $2.6M in crypto asset securities.

The SEC

As part of the judgment, they have been instructed to pay a sum of $903,193.06, which encompasses a disgorgement of $744,555 and prejudgment interest amounting to $158,638.06. This reflects the total funds they gathered from investors minus the amount they repaid.

Additionally, permanent injunctions have been enforced against Chin and Thor, preventing their involvement in any future offerings of crypto asset securities. Notably, Chin retains the freedom to buy or sell securities for his personal account.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?