Immutable’s IMX token saw a significant drop of 14% after the company revealed it received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating a potential enforcement action regarding an alleged unregistered securities sale in 2021. This decline follows a sharp 68% decrease since March 2024 when the token peaked at $3.64. Immutable expressed confidence that their token is not a security and labeled the SEC's claims as an overreach. The token's price fell from approximately $1.29 to $1.19 within hours of the announcement, reflecting substantial investor concerns over regulatory scrutiny. The gaming platform has been involved in numerous projects across Ethereum scaling networks, further complicating its regulatory standing. The news has echoed wider concerns across the crypto industry as related firms also grapple with impending SEC actions.

Source 🔗