SEC Launches Probe into Yuga Labs

Share This Post

Today, the SEC announced it would be investigating Yuga Labs, the company behind Bored Ape Yacht Club.

According to Bloomberg, the SEC is seeking to determine whether Yuga’s NFTs should be subject to the rules of securities.

Projects released by Yuga Labs include:

  • Bored Ape Yacht Club
  • Mutant Ape Yacht Club
  • CryptoPunks (Acquired in March 2022)
  • Ape Coin

Ape Coin is the company’s cryptocurrency which launched earlier this year. Ape Coin has dropped about 9% in the past hour on the news.

ApeCoin 24 hour chart via CoinStats

The SEC is looking into how ApeCoins were distributed to holders of Yuga Labs NFTs and if the distribution method violated any securities laws.

This is a developing story and will be updated as new information is released.

spot_img

Related Posts

World Cup Legend Sir Geoff Hurst Releases NFTs For Alzheimer’s Research

The debut NFT collection, 'The Everlasting Memory' by World...

Stripe Launches Fiat-to-Crypto Payment Service for Web3 Companies

Stripe, a payment processing business, unveiled a "fiat-to-crypto on-ramp"...

Top NFT Analytics Tools to Use in 2023

Non-fungible tokens (NFTs) are gaining popularity as a way...

What is USDTe? A Full Guide to Avalanche Tether

USDTe is a stablecoin on the Avalanche blockchain that...

Did SBF Doom NFTs? FTX Aftermath – What’s Next

Many Web3 companies view the FTX aftermath as a...

Top NFT Podcasts for 2023 | Best Listens

For some, a good podcast can be highly entertaining...

Related Posts

Mattel Launches an NFT Marketplace With Hot Wheels Collection

Mattel announced a new NFT marketplace as it expanded...

Porsche Makes Its Web3 Debut With Its First NFT Collection

The luxury sports car manufacturer announced its official entry...

Yuga Labs’ Leaked Financials Show Insane Profits

Leaked data shows that Yuga Labs has sold more...

What You Need to Know About This NFT Market Crash

NFTs have already changed the world. Now it's time...

What is USDTe? A Full Guide to Avalanche Tether

USDTe is a stablecoin on the Avalanche blockchain that...

Binance Football Fever 2022 Offers Fans $1 Million in Rewards

Binance brings "Binance Football Fever 2022," a one-of-a-kind football...