On November 1, 2024, Immutable, a crypto gaming platform, announced its intention to contest a Wells notice issued by the U.S. Securities and Exchange Commission (SEC). The notice, which does not specify allegations, is believed to target the listing and private sales of its IMX token in 2021.
Immutable's statement highlighted that multiple firms, including OpenSea and Crypto.com, have received similar notices this year. The platform expressed dissatisfaction with the SEC's handling of the situation, noting that the notice was delivered with minimal prior communication.
During a brief call with the SEC, the agency criticized a 2021 blog post regarding a pre-launch investment in the IMX token, asserting inaccuracies about the transaction's value. Immutable firmly disagreed, stating that there was indeed real consideration involved.
In light of the SEC's actions, the IMX token experienced a significant decline, dropping as much as 9% within an hour, currently trading at $1.20. Immutable remains resolute in defending its position, asserting that the IMX token is not a security.