While the SEC suffered another defeat in the XRP case, it won another case it filed.
The SEC has won the ongoing lawsuit against Thor Technologies and its founder David Chin regarding the unauthorized sale of $2.6 million worth of crypto asset securities, according to the SEC's official statement.
The decision was made by the District Court for the Northern District of California.
In its decision, the court enjoined Thor Technologies and its founder David Chin from participating in any cryptoasset securities offering and awarded damages of $744,555, along with pre-judgment interest of $158,638.06.
The SEC filed a complaint against Thor Technologies and its founder David Chin on December 21, 2022. Accordingly, the SEC claimed that Thor Technologies and its founder Chin raised $2.6 million from a group of 1,600 investors between March and May 2018.
The SEC said that the funds raised were obtained from the sale of the Thor (THOR) coin and that approximately 200 of the investors in question reside in the United States.
The SEC also noted that Thor token offers and sales were not registered with the SEC and were marketed as an investment opportunity.
Thanks to the positive sentiment in the market resulting from the spot Bitcoin ETF, the Thor (THOR) price was not negatively affected by this news.
*This is not investment advice.