The United States Securities and Exchange Commission (SEC) issued a Wells notice to Immutable within the last month, a company spokesperson told Decrypt on Thursday, warning the Ethereum gaming platform’s maker that it could soon face an enforcement action.

The company said in a statement that the regulator also sent a letter detailing alleged violations of securities laws to the company’s CEO James Ferguson, alongside the Digital Worlds Foundation, which helped issue Immutable’s IMX token.

While the company claims that the SEC did not specify the alleged misconduct in full, Immutable believes the allegations are rooted in IMX sales from 2021. Back then, Immutable said on Twitter (aka X) that it had quickly raised at least $12.5 million after the token was put on CoinList, a platform enabling investors to access tokens before they’re listed on an exchange.

“Despite the SEC indiscriminately claiming that tokens across the industry are securities, we are confident the IMX token is not,” the Immutable spokesperson said. “The notice simply cited statutory provisions and containe

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Author: André Beganski