“Eating” Wells Notice from SEC, Immutable (IMX) price drops 16%

The IMX token price of Immutable suddenly dropped by 16% after the project received a Wells Notice from the SEC. Immutable Receives Wells Notice from SEC According to the record, Immutable's receipt of the Wells Notice from the SEC seems to be the result of the company's unsuccessful negotiation process with the SEC previously. The result is that the SEC continues to pursue the investigation and has placed Immutable on the Wells Notice list. This action once again affirms the SEC's position in considering tokens like IMX as securities. In the case of Immutable, it is highly likely that the SEC is targeting the listing and the private token IMX sale that took place in 2021. At that time, Huobi Ventures Blockchain Fund had participated in the pre-launch purchase of IMX tokens. Although the receipt of the Wells Notice from the SEC is only the initial step in a very long investigation journey, the IMX price has recorded a negative reaction to this news. According to BeInCrypto's observation, the IMX price has dropped by more than 16% at the time of writing this article. Currently, it is being traded at $1.15, which is 88% lower than the level in November 2021. The Wells Notice is a letter sent to individuals or companies after an SEC investigation. This notice informs them that the regulator plans to sue them. As BeInCrypto has previously shared, several major cryptocurrency companies have received such notices in recent years, including Coinbase, ConsenSys, Ripple, OpenSea, and Crypto.com.