SEC Goes After Another Crypto Firm, Slaps Immutable With Wells Notice
Summary
Immutable, a Web3 gaming firm, received a Wells Notice from the U.S. SEC, indicating a potential lawsuit. The notice followed the company's first interaction with the SEC and lacked detailed information about the investigation. Immutable believes the focus is on the 2021 listing and private sales of its IMX token. The IMX token's value dropped over 13% to $1.16. Immutable's CEO and the Digital Worlds Foundation also received notices. The company criticized the SEC's approach, asserting confidence that IMX is not a security and expressing willingness to challenge the SEC's regulatory methods.
