In the last 24 hours, KIN cryptocurrency has seen a sudden increment after losing around 95 percent of its return on investment due to an ongoing battle with the Security and Exchange Commission.
The digital currency has gone up by 24% without any tangible link to the growth whatsoever. Since falling below 1 Satoshi, KIN has not seen any tangible growth like noticed in the last 24 hours.
The digital currency jumps to $0.000006 USD and stays below the 400 position according to CoinMarketCap.
KIN is battling legal battle with the SEC after the regulatory agency accused KIN of launching an unregulated token to the tune of $100 million. The battle has impacted the KIN developers team, while they still push for massive adoption.
During the same battle, KIN announced a challenge to encourage the development of apps and games and gifted the winner $5,000.
In the #KinChallenge, there were nothing less than 265 participants, 38 submissions, 27 projects and 23 live apps with Kin. When Kik Interactive sold its messaging app, KIN token lost 45% of its value, plunging below 1 Satoshi.
As Kik struggles to defend its token sales with SEC by persuading the district court of the Southern District of New York that the allegation does not hold any relevance and should be rendered void for the fact that the legal meaning of an “investment contract” is unclear and vague and should not be applied to the Kin token offering.
Kik also stated that SEC was not in the power to give guidance on token sales at the time Kik launched its ICO.
The SEC, however, opposed Kik’s stand, stating that the meaning of investment contract has been resolved over 70 years ago in the securities laws.
“This claim is untenable and should be dismissed,” SEC argued.
The Judge who presided over the issue, Alvin K. Hellerstein, was on the side of SEC and has turned down Kik’s “untenable” motion.