The United States Securities and Exchange Commission (SEC) has targeted Immutable by issuing a Wells Notice over the sales of its IMX tokens. This move indicates that the SEC might pursue legal action against the company for allegedly breaching securities regulations.
The controversy stems from a blog post made in 2021, which addressed pre-launch investments in IMX tokens. The tokens were reportedly priced at $0.10 or equivalent to $10 before a 100:1 split, raising concerns with the SEC.