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SEC Scores Default Win Against Thor Token Company and Founder David Chin
Default judgements typically occur when the opposing party fails to take certain action, either failing to attend a trial or meet certain deadlines for filing documents.
Updated Oct 20, 2023, 8:02 a.m. Published Oct 20, 2023, 8:01 a.m.
The U.S. Securities and Exchange Commission (SEC) has been awarded a default judgment against Thor Technologies and its founder David Chin on charges of conducting a $2.6 million unregistered offering of crypto asset securities, according to court documents.
The judgement on Wednesday from a San Francisco district court and a subsequent SEC announcement on Thursday come nearly a year after the SEC brought charges against Thor Technologies on December 21, 2022.
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Default judgments typically occur when the opposing party fails to take certain action, either failing to attend a trial or meet specific deadlines for filing documents.
The SEC had charged Thor and Chin for offering and selling "Thor Tokens" to fund a business of a software platform for gig economy workers and companies. The offers and sales of Thor Tokens were not registered with the SEC and were marketed as an investment opportunity, the SEC said. In April 2019, Thor announced it was shutting down its operations due to "many regulatory challenges."
The court has barred Thor and Chin from participating in any crypto asset securities offering and ordered a disgorgement of $744,555 with prejudgment interest of $158,638.06. The order does not prevent Chin from purchasing or selling securities, including crypto-asset securities, for his own personal account.
Read More: SEC Drops Charges Against Ripple CEO Garlinghouse, Chairman Larsen
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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