stellarowl12 posted on October 03, 2019 20:30:46
Kin has tried to make itself out to be the victim with its conniving "Defend Crypto" initiative against the SEC. While I do hate the SEC and think it should stay away from most crypto projects, Kin isn't one of them that deserves our sympathy. It's public knowledge now that their core business was a failure and they were struggling to stay alive in 2017 so they decided to raise an ICO to scam investors out of $100 million. This helped elongate their runway but now they've announced that they are officially shutting down their Kik messenger app (which was shocking but also not surprising at the same time). Anyways even my community peers who bought Kin and had hope in their project now want to sell. They've taken a beating more than other altcoins in terms of USD and BTC value. This is a dead project, stay away and stop lining Ted's pockets with more fiat.
mistergrin posted on June 17, 2019 13:05:03
Disclosure: I'm not a lawyer.
That said, I read very indepth the SEC's action against KIN's parent company Kik and it looks like they are in a world of hurt. I don't care that Kik was able to spin this favorably from a marketing point of view with their Defend Crypto fund. Point is, they pretty much broke ALL the rules that the SEC outlined... AND went ahead with their token sale even though the SEC pretty much warned them not to. They might screw this up for most of the ICOs that launched in 2017 and early 2018.
Though I guess I do like them to stand up to the SEC even though it will most likely result in a losing battle and KIN their token getting wrecked pricewise (it already dropped 30% shortly after the news came out)
Jason T. posted on June 06, 2019 08:36:48
As of June 2019, the SEC has filed suit against Kik (parent company of KIN). Their long report is damning, you should read it. As much as I support crypto companies and would like open innovation, their claims against Kik seem very strong. (I'm not a lawyer though)
Kik pretty much was a failing business about to die but then they pivoted and did an ICO to get new funds to survive. The language they used during their ICO was also very bad in the eyes of the law. Because they talked about it being a great investment and pushed investors to buy their tokens to get rich in the future. This is exactly what the SEC doesn't want companies to do. So it sure seems like Kin will be doomed as an unregistered security and have to return money to investors and just die as a project perhaps.
CryptoBox posted on April 21, 2019 09:40:55
The website looks interesting although getting adoption of popular cryptocurrencies is hard so it hard to see a purpose for another cryptocurrency running on Ethereum. Ethereum has its own problems so its hard to believe any product running on ethereum can be a success.
Crypto Bear posted on April 13, 2019 03:12:48
Update: After all pretty disappointed in what recently has come out about KIN and shows once again how suspicious everyone should be about any crypto token project, even if it looks totally legit. Even though I am not much in favor of regulators like the SEC sticking their noses into crypto affairs, still I can't really blame the SEC for taking a stance here. Companies that knowingly and willingly are acting in bad faith, should certainly face consequences. Thanks KIN for setting a bad precedent for crypto. Adjusting my vote down.
ICO performed by the KIK social media app. Their KIN token is supposed to be integrated in the KIK eco system to spark more crypto adoption by leveraging the millions of KIK users. The ICO raised close to $100 million which is a substantial war chest, but they failed to reach their $125 million target. A large part of the fundraise was contributed by large investors in a pre-sale. Token has been underperforming ever since, except from the late 2017 altcoin rally. Currently it is still an ERC20 token, but they are scheduled to migrate to their native blockchain, for which ERC20 token holders will need to do a swap, preferably before end of May 2019 from what I read. Github shows decent activity (in terms of quantity, did not look at quality). Team is public and and legit. Without going into details on the merits of the KIN project, I have little reason to suspect this project to be a blatant scam, sure I could find points of criticism, but overall this project seems to lean to not shady at all (at least not by average crypto standards).
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