On Friday, Immutable, a Web3 gaming company, announced that it had been issued a Wells Notice by the US Securities and Exchange Commission (SEC).
This notice was sent to the company only hours after their initial interaction with the SEC and included mention of certain statutory provisions, but lacked any significant details about the nature of the investigation.
Immutable believes that the focus of the SEC’s claims is related to the listing and private sales of their token, IMX, in 2021, as described in their blog post about a pre-launch private purchase by Huobi Ventures Blockchain Fund.
Notably, many prominent crypto companies, including Coinbase, Consensys, Ripple, OpenSea, and Crypto.com, have also received Wells Notices in recent years.
