Immutable, an Ethereum Web3 gaming firm, has received a Wells Notice from the SEC, indicating that the agency is considering filing a lawsuit against the company. The notice alleges violations of securities law and misrepresentations regarding the listing and private sales of IMX in 2021. Immutable expressed frustration with the sudden notice, as it expected months of interviews and conversations before such action. The move by the SEC has disappointed the crypto community but is not surprising given the agency's previous actions against the industry. Former SEC regional director Marc Fagel believes the SEC would conduct sufficient investigation before issuing a Wells Notice but acknowledges anecdotes about sudden notices from the crypto unit. Immutable also noted related inquiries from the DOJ but no legal action thus far.



Other News from Today