The Securities and Exchange Commission [SEC] of the United States has a significant influence on the crypto-verse. Kin, the cryptocurrency formulated by the social media platform, Kik has been a prominent example of SEC’s scrutiny over the industry. The SEC emerged as winners of the prolonged $100 million ICO lawsuit against Kik, while Kin also fell under the purview of the SEC, the social media platform decided to migrate to another blockchain.
Kin Accounts With More Than $1 To Be Prioritized During Migration
Kik had the time and again made it to the headlines following its legal battle with the SEC. After witnessing zero luck with the $100 million ICO lawsuit for selling securities in the country without registering with the required entity, the social media platform decided to take a different turn with its native cryptocurrency, Kin. This asset was rolled out by Kik as an Ethereum-based ERC-20 token. In a recent blog post, the developers of the crypto asset revealed that it was heading over to the Solana blockchain.
While Kin was prepping to take its 55 million accounts into the Solana blockchain, the developers labeled this as the “single largest migration in the history of crypto.” The migration was scheduled to take place on 14 December 2020 and the Solana team has reportedly been initiating several simulations of the migration over the last week. Detailing about the same, the post read,
“The most recent round of tests, coupled with the scheduled mainnet upgrade gave both of our teams the confidence to engage the migration beginning Tuesday, December 15th 2020. We have scheduled the official start time as 14:00 UTC (equivalent to 9AM EST as another reference).
Popularly known as a blockchain that aids DeFi apps as well as smart contracts, Solana was all set to accommodate the cryptocurrency, Kin. During the process of the migration, the accounts that hoard a balance of either $1 or more would be given the first preference. Those accounts that entail a balance below $1 would be migrated over the course of the next 2 weeks. This delay is due to the maintenance of stability during the migration process.
While the status of migration remains uncertain, the Kin Ecosystem posted the initiation of the process on Twitter. The tweet read,
"All Systems Go" for the @solana Kin migration.
Engines revving up. Tuesday is D-day.
– Migration to Start Tuesday December 15 at 14:00 UTC / 9AM EST
End-users, developers, holders- pls fasten your seatbelts.
Bon voyage old Kin ✈️ !! Clear skies ahead.https://t.co/wIeBsNT4CU
— Kin Ecosystem (@Kin_Ecosystem) December 13, 2020