Immutable announces it will fight back against another misguided SEC decision, the Wells Notice

Blockchain gaming platform Immutable faces potential sanctions after receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC)
In a statement released on the 31st (local time), Immutable said, "The SEC did not specify specific charges in its notice, but we have identified the I
Immutable said it had a roughly 10-minute call with the SEC shortly after the Wells Notice was issued.
In a blog post published by Immutable in 2021, the SEC stated that IMX tokens were issued at $0.10 as a pre-release investment and would be traded at a pre-split price of "100:1 at $10."
The SEC argued that the information was inaccurate and created the impression that no value was exchanged between the parties.
Immutable responded by saying, "Once again, the SEC has made a wrong decision.
"The SEC has been advocating for the protection of certain companies and individuals against possible violations of the securities laws, matters that the SEC has become fully aware of through constructive dialogue with the companies," the Wells Notice said.
This is an official letter issued when the SEC has completed its investigation and has obtained evidence of potential violations.
Several companies have received Wells notices this year, including OpenSea, Crypto.com and Uniswap.