The SEC Investigates Yuga Labs As NFT Bored Ape Yacht Club Developer
JAKARTA – The US Securities and Exchange Commission (SEC) has reportedly launched an investigation into the popular Bored Ape Yacht Club (BAYC) NFT developer Yuga Labs. The investigation was carried out by US regulators to determine whether Yuga Labs violated the Securities Act or not. Included in the initial offering of the monkey-themed APE and NFT tokens.
Based on the U.Today report, someone familiar with the investigation claims that the SEC may be looking at some of Yuga Labs' NFTs as shares. The investigation will also focus on Ape Coin (APE), which may be an unlisted security.
The ApeCoin governance token, which is built on top of the Ethereum network, was launched in March 2022. The majority of the token supply of 62 percent is allocated to the community. The rest of the tokens went to a number of parties including Yuga Labs itself, launch contributors, founders of BAYC, as well as charitable causes.
APE prices fell as much as 9 percent on the news, according to data provided by CoinMarketCap. The cryptocurrency is currently worth 1.4 billion US dollars by market cap.
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A report from Bloomberg said it was unclear whether regulators would take Yuga Labs into investigation at this point. The company has not been accused of wrongdoing. The company claims it is "committed" to cooperating with regulators.
In addition to the Bored Ape Yacht Club, Yuga Labs has acquired leading NFT collections such as Meebits and CryptoPunks. On March 17 and 16, the company officially held ownership of the two NFTs.
For information, Yuga Labs Inc. is a blockchain technology company that produces NFT BAYC and the digital asset ApeCoin. Yuga Labs was founded in 2021 by Wylie Aronow and Greg Solano. The company is based in Miami, Florida.
As of writing, the price of the APE crypto is down 7.6 percent in the last 24 hours. Now APE is trading at Rp71,869. Had incised the highest price of all time (ATH) on June 15, 2022, at a price of IDR 45.690, based on data from Coiningecko.