Kik messenger app shuts down for shocked users after owners are sued over cryptocurrency side-business

Kik Interactive CEO Ted Livingston just announced that

The SEC claimed these tokens were financial assets, or securities, that the company was trading without the correct permissions but Kik denied this. "So with the SEC working to characterise almost all cryptocurrencies as securities we made the decision to step forward and fight."The changes will see the rate at which the company loses money drop by 85%, which should enable it to get through the SEC trial.

It will also be designing a cryptowallet to try and make buying and using Kin easier and making it more efficient for developers to use Kin in their apps.

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