Immutable, a blockchain gaming company, announced that it has received a Wells notice from the U.S. Securities and Exchange Commission (SEC) alleging securities law violations and false statements related to its IMX token.
Immutable suggested that the charges relate to the listing and private sales of IMX in 2021. The company expressed dissatisfaction with the SEC’s approach, noting that the gaming industry, like other sectors of the crypto space, needs clear regulatory guidance. And that it will continue to operate, focusing on products for gamers and developers.
«Immutable has been working since 2018 to bring digital property to the $110 billion sold in games every year — we’re not here to play short-term games. This is business as usual for our team, products, and services. We are confident in our position, in the value of digital property to 3.1 billion gamers around the world, and in the ability of blockchain to create a better internet. If necessary, we will fight vigorously for these rights and the rights of our industry», — the message.
The SEC recently lost in a court case against Ripple over the classification of XRP tokens and lost to Grayscale over its application for a bitcoin ETF.
Immutable is a platform for developing and scaling Web3 games based on the Ethereum blockchain. To achieve second-level scalability, the company uses zero-knowledge rollups (ZK-rollups) technology. This technology combines hundreds of transactions outside the main chain and sends them to Ethereum as a single transaction. This approach speeds up transaction processing and reduces transaction fees (gas).
After the SEC’s accusations, the value of IMX tokens fell by a third.
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