Immutable Receives Wells Notice From SEC Over IMX Token

• The SEC issues a Wells Notice to Immutable, targeting the company’s native token, IMX.
• Immutable remains confident in IMX’s status and expresses readiness to combat SEC’s claims.
• The platform expressed dissatisfaction with the SEC’s sudden enforcement with minimal warning.

The US Securities and Exchange Commission (SEC) has sent a Wells Notice to Immutable, the Australian crypto gaming platform, without specifying the allegations. In response, Immutable suggested the SEC may be targeting the company’s native IMX token. The platform also expressed confidence in its stance and said it is ready to contest the regulator’s claims.

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In an official blog, Immutable said it received a ten-minute call from the SEC, informing the platform of the agency’s enforcement action. Immutable said the SEC pointed to a 2021 blog post about a pre-launch investment in IMX tokens, calling it inaccurate. The agency claimed that Immutable’s statement about the IMX token’s pre-launch sale price of $0.10 (later split to $10) misrepresented the transaction, implying no actual value was exchanged. In …

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