The SEC is suing social network Kik for rasiing $100 million via what the regulator describes as an unregistered securities offering by DelRayMan
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Kin is not pegged to the U.S. dollar or any other currency and is currently trading at $0.000028— a 24% drop today alone—and is valued at a mere $21. 4 million collectively. With $22 billion raised via ICOs so far, according to CoinDesk data, this lawsuit bodes to be just the latest of many.
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