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Kik’s Alleged $100 Million ICO Draws N.Y. Judge’s Scrutiny

July 9, 2020, 8:15 PM

Kik Interactive Inc.'s digital token sale came under scrutiny in a New York court, when a judge pressed the app maker if it followed securities laws in what the SEC said was an illegal $100 million initial coin offering.

Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York asked Kik to explain why its token called Kin wasn’t a security during oral argument in a case over the sale Thursday. The Securities and Exchange Commission has alleged the cryptocurrency was part of a securities offering that required certain disclosures that Kik has claimed weren’t ...