In a recent revelation, Kik CEO Ted Livingston, in a drunken state, said that he intends to leave the project due to US Regulators. Crypto influencer and Youtuber Tone Vays reacted to the incident by mocking Kik and reminding the community that he had warned about Kin token in 2017 itself.
A Misdirected Message Reveals Kik’s Condition
In a message which was supposed to be sent to Kik board member William Mougayar, Livingston said he intends to take an exit from the project, the reason being the firm’s long continuing with the U.S. regulators. It seemed that his message got misdirected and was written under the influence of alcohol.
“Will, I know I’ve been drinking, but this ain’t the drink talking, I’m [fed] up with this shit,”
“We’ll talk more in the morning about replacement, but I quit. I have my ticket. I’m not going to jail for this.”
Livingston was quick to delete the message as it was received by a reporter who is a namesake of Kik’s board member. When the former was questioned about the same he replied with a cold “No Comment”
Are Regulators Responsible for Kik’s Plight?
Ontario- based KiK has been in an ongoing tussle with the U.S. Securities and Exchange Commission(SEC) over its $100 million initial coin offering (ICO) in 2017. The former claimed that dealing with the latter has cost the company $5 million. Further, Kik led a “Defend Crypto” crowdfunding campaign in May of 2019.
Unfortunately, only a handful of key players stood up for it. However, the project hit the last straw when an SEC complaint filed in June claimed that the company’s ICO was the last effort to keep the firm alive.
Yesterday, Livingston further announced his plans to downsize his team to 19 core developers in order to keep up with the development of Kik’s native token, KIN.
Tone Vays Gives His ” Two Cents”
Interestingly his statement got the crypto Twitter talking. Tone Vayes, leading derivatives trader and YouTube creator tweeted that had Livingston been watching his channel, he would have well known the fate of selling $KIN. He further took a sarcastic and said that it would have been a wise idea as he has 25x his followers and subscribers on YouTube who actually understood Bitcoin and blockchain.
Vayes further said, that this is not just one of the cases of “I told you so” scenarios. Rather, he doesn’t feel bad as the token was probably scammy and criminal, thus the current plight of the coin.
In another sarcastic dig, he compared the case of KiK to that of Steve Madden, who sought heavy profits by catering to hyped teen products.
A crypto user with the handle “ The Patriot” questioned Vayes that how was Coinbase any different from this. To which he replied that it is very different, and the user should never do fundraising for a company.
With a failed ICO and several taunts, what will be KiK’s next plan of action? Let us know what you think?