Kik shuts app, faces hoax in tumult of crypto-to-messaging shift

On top of its regulatory troubles, Kik’s CEO became the subject of an apparent hoax. — AFP Relaxnews

Beleaguered messaging app Kik Interactive Inc isn’t giving up its fight with regulators so easily.

The company behind the Kin digital token announced this week it’s shutting down its messaging app and reducing its headcount to 19 people to better focus on its fight with the US Securities and Exchange Commission for illegally raising millions through an initial coin offering, or ICO. The downsizing impacts more than 100 employees and their families, the company said.