New York (CNN) At its peak, Kik's messaging app had hundreds of millions of registered users and the company earned a private market valuation of $1 billion, placing it in the elite ranks of tech unicorns. Now, Kik is shutting down its chat app after a fight with regulators.

Kik Interactive announced late Monday that it's shuttering the messenger app and cutting its staff from over 100 people to just 19 employees. The company will focus its remaining resources entirely on growing its cryptocurrency, Kin, the subject of a recent lawsuit filed by the Securities and Exchange Commission.

for raising about $100 million in an ICO, or initial coin offering, without properly registering the offering. The SEC sued Kik in Junefor raising about$100 million in an ICO, or initial coin offering, without properly registering the offering.

In a blog post Monday, Kik CEO and founder Ted Livingston said the legal battle with the SEC has been "a long and expensive process to drain our resources."

The SEC declined to comment for this story. Kik Interactive did not respond to a request for comment on when the app would shut down.

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