When Kik Interactive launched its blockchain cryptocurrency, Kin, the SEC alleges it did so to try and claw back money it was losing through running its messaging app. Instant messaging app Kik is a service similar to Whatsapp. 'Kik allegedly told investors that rising demand would drive up the value of Kin, and that Kik would undertake crucial work to spur that demand.' In that post, Livingston said the Kik app would be shut down and the business would be reduced to 19 'elite employees' from more than 100 people. The company's name has been tarnished in recent years by allegations that child porn is shared on its messaging app.

Source: Daily Mail October 14, 2019 21:56 UTC