MANILA, Philippines – Messaging app Kik is shutting down, Kik Interactive CEO Ted Livingston announced on Thursday, September 24, inThe company will refocus on its ongoing legal battle against the US Securities and Exchange Commission regarding Kin, its cryptocurrency.
Livingston said, “Instead of selling some of our Kin into the limited liquidity that exists today, we made the decision to focus our current resources on the few things that matter most." The staffing changes will reduce the headcount of the company to"an elite 19 person team," but will reduce the company’s expenditures by 85% and allow it to proceed with the SEC trial.
"These are hard decisions. Kik is one of the largest apps in the US. It has industry leading engagement and is growing again. Over 100 employees and their families will be impacted. People who have poured their hearts and souls into Kik and Kin for over a decade," he added.The SEC filed a lawsuit against Kin in June, claiming the ICO was illegal because it was issuing securities illegally, a claim Kik denies.