CyberKongz has become the second Web3 gaming company in as many months to be hit with a warning letter from the Securities and Exchange Commission that a lawsuit may be coming. The letter, called a Wells Notice, is a formal notice that the SEC is investigating the firm and may take action against it for failing to register its Genesis Kongz NFTs as securities. Despite its small size and lack of VC funding, the CyberKongz team has promised to fight the suit, saying it is “increasingly apparent that the current administration is trying to force their anti-crypto agenda at the last minute.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
