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Cryptocurrency News Articles
IMX Token Drops 15% After SEC Sends Wells Notice
Nov 01, 2024 at 06:04 pm
The Immutable (IMX) token has dropped almost 15% in the past 24 hours to $1.15 after it was revealed that the U.S. Securities and Exchange Commission (SEC)
The SEC is reportedly planning to sue Immutable over the IMX token.
The token has lost almost 15% in value in the past 24 hours, now trading at $1.15.
The SEC sent a Wells notice to Immutable, indicating its intention to take enforcement action against the token.
The notice comes just a few days after Immutable's first meeting with the SEC, and the company was not given the opportunity to present its case in a pre-trial setting.
In many cases, it can take the SEC several months to prepare a Wells notice.
Immutable is a scaling solution on the Ethereum blockchain designed for developing and hosting web3 gaming applications.
The company, headquartered in Sydney, is backed by major investors including BITKRAFT Ventures, King River Capital, AirTree, Temasek, Coinbase, and others.
The group includes Immutable Games, which developed games like Gods Unchained and Guild of Guardians.
Currently, the platform is working on 400 projects, making Immutable the largest gaming platform in Asia.
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