IMX Token Drops 12% Following SEC Wells Notice

According to BlockBeats, the price of IMX has dropped by approximately 12%, currently trading at $1.149, following the receipt of a Wells Notice from the U.S. Securities and Exchange Commission (SEC). BlockBeats previously reported that Immutable, the company behind IMX, disclosed that it received the Wells Notice from the SEC last month, indicating potential enforcement action. The regulatory body also sent a letter to the company's CEO, James Ferguson, and the Digital Worlds Foundation, which assisted in issuing the IMX token, outlining alleged violations of securities laws.