New York At its peak, Kik's messaging app had hundreds of millions of registered users and the company earned a private market valuation of $1 billion, placing it in the elite ranks of tech unicorns. Now, Kik is shutting down its chat app after a fight with regulators.
Kik Interactive announced late Monday that it's shuttering the messenger app and cutting its staff from over 100 people to just 19 employees. The company will focus its remaining resources entirely on growing its cryptocurrency, Kin, the subject of a recent lawsuit filed by the Securities and Exchange Commission.The SEC sued Kik in June for raising about $100 million in an ICO, or initial coin offering, without properly registering the offering.
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Messaging app Kik closes down as it battles SEC lawsuit over its cryptocurrency plansIn a blog post on Tuesday, Kik's CEO Ted Livingston confirmed that the company would be closing Kik to focus on Kin, its cryptocurrency business.
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Kik, A $1 Billion App Plagued By Child Abuse, ClosesKik is closing as the Kin cryptocurrency founder gets ready for battle with the SEC. Those who saw Kik as a crime haven may well be relieved. that collective wail you just heard was the news breaking on 4chan
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