BAYC Creator Yuga Labs are getting Investigated by SEC Due to Security Violations
Join Our Telegram channel to stay up to date on breaking news coverage A recent report from Bloomberg was published on October 11, 2022, that has gained much traction. It stated that BAYC creator Yuga Labs are getting investigated by the SEC. The news has created a massive wave having a ripple effect on the entire NFT industry. This includes several top NFT collections and marketplaces. The investigation would verify whether the sales of BAYC NFTs and ApeCoin tokens comply with federal laws. However, they did not reveal the actual source and mentioned that the SEC probe is private. This was stated by a source familiar with the matter. The involvement of the SEC in the NFT industry had been known to everyone since March 2022. This was when US regulators questioned whether digital assets are being used to raise money like traditional securities. Considering that, the SEC’s investigation into Yuga Labs actually seems like a part of the broader scrutiny of the e...