Canadian social media company faces SEC lawsuit, may terminate messaging app operations.

Recently, a Canadian social media company is considering terminating the operation of its messaging application. The company has issued layoff notices to 70 employees in Israel. The company's CEO released a statement on September 24, confirming the closure of the application and streamlining the company team to 19 people.

The company is currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC), with the focus of the controversy being its unregistered $100 million token issuance. A senior official from the SEC's enforcement division has stated that by selling this token, the company "deprived investors of the legitimate information they should have received and impeded their ability to make informed decisions."

This messaging application was founded in 2009 by several Canadian students and has received investments from well-known tech companies and venture capital firms. In 2017, the company conducted an initial coin offering (ICO), raising approximately $98 million while launching its own cryptocurrency.

This event has sparked widespread discussion in the industry about the relationship between blockchain startup projects and regulatory agencies. Many projects are actively seeking to strike a balance between innovation and compliance to preserve the development space for the cryptocurrency industry.

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MidnightMEVeatervip
· 07-13 05:35
Good morning. Another sucker has fallen to the regulatory mower~ The arbitrage opportunity is dead, bury it.
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BearMarketSagevip
· 07-12 05:38
Another one almost got Rug Pulled by the SEC.
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GateUser-5854de8bvip
· 07-10 20:10
SEC really knows how to cause trouble
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HypotheticalLiquidatorvip
· 07-10 06:05
The asset zeroing law has once again been proven... the risk threshold has gone off the charts, and another domino effect of ICO projects has begun.
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RooftopReservervip
· 07-10 06:05
Is the SEC getting active again?
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OnchainDetectivevip
· 07-10 06:00
9800w is just a trap, it's a classic old trick.
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ProveMyZKvip
· 07-10 05:59
Really bull... 19 people say it falls and it falls!
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rug_connoisseurvip
· 07-10 05:38
Another one taken down by the SEC
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