news 
Title: NFT Gaming Project CyberKongz Gets Wells Notice from the SEC
NFT gaming project CyberKongz has received a Wells notice from the Securities and Exchange Commission (SEC), hinting at a potential enforcement action. The agency’s increased scrutiny in this case highlights its determination to oversee the blockchain gaming sector, ensuring compliance with existing securities laws.
In response to the notice, the project posted an image on their social media profile with the caption “Fighting for our Industry.” This move demonstrates CyberKongz’s commitment to standing up against what they perceive as an unjustified attack. Furthermore, they emphasized that the issue stems from a sale of Genesis Kongz NFTs in April 2021. The project claims this was not the initial sale but rather a contract migration.
It is important to note that a Wells notice serves as formal notification to an individual or organization that there will be an enforcement action unless certain circumstances are met within 30 days. After this period, the SEC can either proceed with the examination or disclose the case.
Source: cryptotale.org
