Kik Interactive, the Canada-based company behind the chat platform Kik, began its Kin token distribution event on September 12 in which Kik seeks to raise a total of US$125 million.

The TDE has over 17,000 registered users from 139 countries, who have around 8 hours left (at the time of writing) to participate up to $4,393. The company said that this individual cap was determined by dividing the available $75 million by the total number of registrants. This would ensure that not all of the $75 million will be sold, meaning that registered participants who later decide not to participate at all or at the or maximum participation cap will result in unsold tokens.

The unsold tokens will be sold in a subsequent sale on Sept. 13, 9:00 a.m. ET for registered participants who would like to buy more. The maximum participation cap will be incrementally raised over the first hour and then be removed until all tokens are sold.

Kik has already raised US$50 million in a presale round, which saw participation from Blockchain Capital, Pantera Capital, and Polychain Capital. With this, 512 billion Kin tokens valued at US$75 million are now available for the public token sale.

Controversies and ICOs

The TDE launch, however, was not without glitches according to reports. CoinDesk reported that a fake URL was distributed prior to the launch that claimed that the ICO started 40 minutes before the scheduled time. This address acquired over 70 ether (equivalent to more that $21,000).

In addition, smart contracts security firm Zeppelin Solutions pointed out certain issues with Kik’s code. Blockchain researcher Udi Wertheimer expressed his disappointment saying that it was "unbelievable" that Kik did not fix the issues before the TDE launch.

An update on the Kin Token Audit states:

“The Kik team followed most of our recommendations and updated the contract. The issues that weren’t fixed do not affect public sale participants.”

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