Canada based social media app, Kik was a popular app amongst teens. The CEO of Kik Messenger recently claimed that the app is on the verge of shutting down. The app once upon a time had a valuation of $1 billion. However, the app faced a lot of criticism after a very serious issue which took place.
The 13-year-old Nicole Lovell was murdered by a man in 2016. She had met the man over the App and the entire Blame of the incident goes to the app. Kik, the chat tool had more than 1000+ child abuse cases registered on its name.
Ted Livingston, the CEO of Kik Messenger did not mention anything regarding the safety concerns pertaining to the app. The Securities and Exchange Commission has charged kin. The charge was regarding initial coin offering which had raised $100 million. Kin had not registered with the federal agency.
Once Kik Messenger closes, the company will be focusing on Kin which was launched in 2017. The business has also decided to cut down on its staff from 100 employees to a 19 person team. Livingston in an interview recently said that he had worked with SEC for the past 18 months.
He went on saying that the only choice SEC gave was to label Kin security or fight at the court. Livingston shared his experience of how this process was so long, tiring and tedious. The SEC process made the entire company drain all their resources.