PANews reported on April 16 that according to The Block, the Non-Fungible Token collection project CyberKongz announced that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation. This is the latest investigation into such a project ended by the SEC since former President Donald Trump took office earlier this year. On Tuesday, CyberKongz confirmed on X platform that the SEC's investigation has officially ended and revealed plans to launch a "brand revamp". "The shackles have been removed for CyberKongz," the company stated, "We have been preparing for this for a long time. Soon, we will announce a comprehensive brand revamp plan and new direction of development."
In December last year, CyberKongz received a Wells Notice from the SEC, which is a formal warning issued by the SEC before potentially taking enforcement action. CyberKongz revealed that they have been under tremendous pressure since first receiving inquiries from the SEC two years ago. The project team stated that the SEC's enforcement team raised "a very concerning argument that tokens (ERC-20) cannot be combined with blockchain games without registering them as securities".
