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

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Italian Luxury Watch Brand Panerai Introduces Digital Passports Generated with NFT

Italian luxury watch manufacturer Panerai has revealed plans to include an...

Related Posts

Top 5 Most Expensive CryptoPunks NFTs and Reasons Why

CryptoPunks' unique attributes sell for six digits or more CryptoPunks,...

Rarible Rises Amid Strong Royalty Advocacy—OpenSea Sinks

The NFT marketplace, Rarible, has a notable 24-hour spike...

Magic Eden Presents $1 Million Fund to Boost NFT Projects on Polygon

Magic Eden, a prominent Solana-based marketplace, has taken a...

Hot Wheels Introduces New NFT Collection: Garage Series 6

Hot Wheels, the beloved toy car brand, has launched...

Snoop Dogg’s Bored Ape NFT Inspires New Skechers Line

Snoop Dogg and Skechers have collaborated again to release...