The U.S. Securities and Exchange Commission (SEC) has been awarded a default judgment against Thor Technologies and its founder David Chin on charges of conducting a $2.6 million unregistered offering of crypto asset securities, according to court documents.
The judgement on Wednesday from a San Francisco district court and a subsequent SEC announcement on Thursday come nearly a year after the SEC brought charges against Thor Technologies on December 21, 2022.
Default judgments typically occur when the opposing party fails to take certain action, either failing to attend a trial or meet specific deadlines for filing documents.
The SEC had charged Thor and Chin for offering and selling “Thor Tokens” to fund a business of a software platform for gig economy workers and companies. The offers and sales of Thor Tokens were not registered with the SEC and were marketed as an investment opportunity, the SEC said. In April 2019, Thor announced it was shutting down its operations due to “many regulatory challenges.”
The court has barred Thor and Chin from participating in any crypto asset securities offering and ordered a disgorgement of $744,555 with prejudgment interest of $158,638.06. The order does not prevent Chin from purchasing or selling securities, including crypto-asset securities, for his own personal account.
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