The United States Securities and Exchange Commission (SEC) has reportedly launched an investigation into Web3 powerhouse, Yuga Labs. It is poring over the NFT firm’s wheelings and dealings to determine whether or not it represents a ‘stocks and shares’ style investment.
Over the last year and a half, Yuga Labs has grown into a tour de force within the Web3 industry, starting its mighty journey with the launch of the formidable Bored Apes, before introducing the Bored Kennel Club, Mutant Apes, The Otherside, and by proxy, Apecoin. All while also absorbing the storied properties of Larva Labs into its multi billion dollar organization.
Now however, as the SEC aims to get its head around the fast-paced industry, it will take a deeper look into its investments, taking the time to fully analyse the situation and conclude on the nature of the company’s properties. In the meantime however, Yuga Labs has pledged to cooperate with the authorities to help them get a handle on things.
As of writing, the SEC has not charged Yuga Labs with any misdemeanours. However, that news has not stopped prices of the native Apecoin tumbling by 8% over the last 24 hours. Furthermore, due the nature of the investigation, the Web3 world will watch on with baited anticipation, to see how these events will unfold.