• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
Thor Technologies

Thor Technologies Faces Legal Consequences In SEC’s $2.6 Million Crypto Sale Lawsuit

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a win against the crypto industry, the US Securities and Exchange Commission (SEC) has obtained a default judgment against Thor Technologies and its founder David Chin. 

According to court documents, Thor Technologies and Chin were found guilty of conducting an unregistered offering of crypto asset securities amounting to $2.6 million. 

SEC Prevails In Unregistered Crypto Offering Lawsuit

The judgment was issued by a San Francisco district court, which permanently restrains and enjoins the defendants from violating Sections 5(a) and 5(c) of the Securities Act of 1933. 

These sections pertain to the sale and offering of what the SEC denominates as “crypto securities” without proper registration or exemption.

Related Reading: xDay 2023: Elon Musk’s X Competitor? xPortal Unveils Rival Features

In the legal context, a default judgment is a judgment entered by a court in favor of one party (SEC) when the opposing party fails to respond or appear in court. 

It occurs when the defendant in a lawsuit fails to file a response, answer, or defense within the specified time frame or fails to appear in court after being properly served with a summons and complaint.

Additionally, the court ordered Thor and Chin to refrain from participating in any “crypto asset securities offering”. However, the injunction does not prevent Chin from engaging in “personal securities transactions”. 

The court imposed a civil monetary penalty of $150,000 on Chin and ordered Thor to pay a disgorgement of $744,555, along with prejudgment interest of $158,638.06. Both Thor and Chin are also required to pay civil penalties of $150,000 each.

Thor Technologies Accused Of Fraudulent Token Offering Scheme

The SEC’s complaint, filed in December 2022, alleges that between March and May 2018, Thor Technologies and Chin offered and sold “Thor Tokens” to the public as a means of funding Thor’s software platform for gig economy workers and companies. 

The complaint further accuses Thor and Chin of promoting the tokens as investment opportunities and claiming that they would be available for trading on “crypto asset platforms”. 

However, the SEC alleges that at the time of the offering, no development work had taken place on the Thor platform, and there was no practical use for the tokens.

Related Reading: XRP Rockets Up 8% As Shark & Whale Holdings Hit 3-Month High

The court’s default judgment supports the SEC’s claims against Thor Technologies and Chin. It permanently restrains them from violating securities registration provisions, and the ordered penalties and disgorgement aim to hold them accountable for their alleged “fraudulent actions”. The SEC retains jurisdiction over the case to ensure compliance with the judgment.

Thor Technologies
The total crypto market cap’s uptrend on the daily chart. Source: TOTAL on TradingView.com

As of the current date, the total market capitalization of cryptocurrencies has rebounded to reach the $1.10 trillion milestone. This level has not been observed since October 2nd. 

This resurgence in market value highlights a significant recovery in the overall cryptocurrency market.

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ronaldo Marquez

Ronaldo Marquez

Follow

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Full Profile

Related Posts

Cardano CEO: Peter Schiff heeft ongelijk over BTC, Bitcoin koers naar $1M

Cardano CEO: Peter Schiff heeft ongelijk over BTC, Bitcoin koers naar $1M

7 hours ago
maxi doge

Ο CZ επέστρεψε και ανεβάζει τα meme coins – Και αυτό το νέο κουτάβι μπορεί να είναι το επόμενο

8 hours ago
Ο Michael Saylor προβλέπει Bitcoin στα $150.000 το 2025 – Το επερχόμενο ράλι μπορεί να εκτοξεύσει το Bitcoin Hyper

Ο Michael Saylor προβλέπει Bitcoin στα $150.000 το 2025 – Το επερχόμενο ράλι μπορεί να εκτοξεύσει το Bitcoin Hyper

9 hours ago
Crypto

Warren’s Letter To SEC Chair: Crypto In 401(k)s Poses Threat To Americans’ Retirement

9 hours ago
Francúzsko Bitcoin národná rezerva 2 % BTC

Francúzsko chce nakúpiť 2 % celkovej ponuky Bitcoinov do národnej kryptomenovej rezervy

10 hours ago
Założyciel Binance planuje pozew

Założyciel Binance grozi pozwem senator Warren

10 hours ago

Premium Sponsors

Press Releases

  • Is Staking Crypto Worth It? XRP Tundra Presale Offers 12% APY

    Is Staking Crypto Worth It? XRP Tundra Presale Offers 12%...

    10 hours ago
  • Crypto Predictions Favor Tundra as XRP Ecosystem Catalyst

    Crypto Predictions Favor Tundra as XRP Ecosystem Catalyst

    10 hours ago
  • Bitcoin Hyper

    Докато Биткойн се търгува на $113K...

    12 hours ago
  • weex-welcome-promo-800-usdt-tested-for-beginners-tw

    新手別錯過:測試了WEEX迎新活動 領到800...

    12 hours ago
  • Deleion Capital Launches Mobile App for Passive Crypto Earning for Diversified & Profitable Investments

    Deleion Capital Launches Mobile App for Passive Crypto...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.