Ethereum Gaming Project CyberKongz Says SEC Has Ended Investigation
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Ethereum NFT and gaming project CyberKongz without findings or enforcement actions. CyberKongz had been in contact with the SEC for two years and received a Wells notice in December, indicating potential enforcement action. The scrutiny focused on the use of its BANANA token and a contract migration interpreted as a token sale. CyberKongz expressed relief and pride in overcoming the investigation, emphasizing its commitment to the Web3 gaming space. The project aims to return to its roots following this resolution. Other NFT projects, including Yuga Labs and OpenSea, have also recently reported closed investigations by the SEC. CyberKongz launched its genesis NFT collection in 2021 and has since developed multiple companion collections. The current price floor for its flagship collection is $5,447 worth of Ethereum.
