In a turn everyone should’ve seen coming, the US Securities and Exchange Commission (SEC) is suing messaging app Kik for its initial coin offering (ICO). In court documents released yesterday, the SEC outlined that Kik’s sale of one trillion “Kin” tokens was not registered with the SEC. As such, the SEC claims it is an “illegal securities offering of digital tokens.” From May to September 2017, Kik sold its digital tokens to over 10,000 investors all over the world and raised around “$100 million in US dollars and digital assets,” the document reads. “Kik had lost money for years on…

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