Los Angeles-based media company Impact Theory has paid a $6 million settlement after the Securities and Exchange Commission (SEC) alleged its NFTs were unregistered securities, according to a press release. The company has also been ordered to destroy all the Founder’s Key NFTs as a result of the settlement.

As of midday on Monday, Founder’s Key collection was still live on Opensea. As of this writing, the NFTs have a floor price of 0.039 Ethereum, or approximately $64. Since the collection launched, it’s done $5.4 million in total volume according to Opensea. Impact Theory was co-founded by entrepreneur and social media influencer Tom Bilyeu.

The SEC announced the allegations and settlement on Monday, saying the company raised approximately $30 million from a diverse group of investors, including some based in the U.S..

According to the SEC’s allegations, between October and December of 2021, Impact Theory introduced and traded three unique NFT tiers named Founder’s Keys, labeled as “Legendary,” “Heroic,” and “Relentless.” The SEC’s findi

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Author: Decrypt AI, Edited by Stacy Elliot

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