Kik CFO on SEC's $100M lawsuit: We will take this fight on for everyone

09 Jun, 2019
by Fifi Arisandi
Kik CFO on SEC's $100M lawsuit: We will take this fight on for everyone

After successfully raising $4 million to fund the SEC’s $100 million legal lawsuit, Kik seems to be getting more supports from the crypto community. 

Kik CFO, Tanner Philp can be seen of posting a series of tweets on his account expressing his point of view on the ongoing legal battle.

He started by commenting CNBC’s crypto trader, Ran Neuner’s post on what’s happening in crypto space during the week, which then continued by a comment debunking SEC’s complaint that pictures Kik as a failing business.

“In reality, Kik, like every other messenger (FBM, WA, Telegram, Snapchat) was indeed not profitable yet continued to find a way to innovate when most others have died or been acquired and repurposed,” Philp tweeted.

He, then, highlighted Kik’s multiple achievements, such as being one of the most engaging apps, compared to Instagram, Twitter and Snapchat, the first chat to go viral, become a platform and launch bot platform, even before Facebook, Telegram and Google, also as the app that inspired WeChat. 

The tweet storm continues as Philp reminisced to the time he joined the company the first time, which he said that Kin was “already in development”, although it was called “Kik Points” at the time.

He brought it up as he tried to ditch the SEC’s claim that Kin was “a flippant, last-ditch effort to catch a rising trend in crypto” while in reality, “it was 6 years in the making (8 if you count from today)”.

He admitted that before 2016, Kin was a Hail Mary. However, the company then decided to pull it out, and instead in 2017, launched it for “every other developer that was struggling to find a sustainable business model”, not just for Kik.

Philp debunked the SEC’s claim that the current Kin is a Hail Mary through the statements.

“And it’s working,” he tweeted as he presented the stats of Kin.

He closed his tweet storm by saying, that Kik will proceed with the legal lawsuit, “because in order for this industry to move forward someone needs to go first, and we are no strangers to being first”.

The tweets have brought more sympathy for Kik as seen on Reddit where it received lots of supportive comments.

“Get that man on the stand!!! Let him tell them what's what,” said a Redditor. Others said, “I think Tanner did a great job helping to put things in perspective for those that have been mislead. His tweets don’t paint the full picture but it’s a really good start” and “Good read wish other people could see it other than reddit and his twit followers.”



As always, stick with Chepicap to find out how the case will develop.

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Read more about: Kin (KIN) SEC


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