Impact Theory, a company dedicated to the creation and sale of NFTs, has gone down in the history of this business in the United States after the Securities and Exchange Commission (SEC) has announced a fine of 6.1 million dollars to this company. for making an unauthorized offer of crypto asset securities through NFTs.
The US regulator claims that Impact Theory raised more than $30 million from an NFT offering between October and December 2021 through three different levels of investment of the tokens called Founder’s Keys and which were divided into the range “Legendary”, “Heroic”. ” and “Relentless”.
In order to sell the NFTs, Impact Theory assured its clients that the purchase of these tokens was an investment in the company and promoted their acquisition as a way to generate profits in the future if the company was successful and achieved its objectives, noting that they would build “ the next Disney.”
The Securities and Exchange Commission have concluded that these NFTs were actually a form of investment contracts that should be classified as securities, so when Impact Theory offered and sold these to the public without properly registering them, it violated federal law.
After reaching an agreement with the regulator, Impact Theory will pay a historic $6.1 million fine, create a compensation fund to reimburse customers for NFT investments and will have to destroy all Founder’s Keys still in their hands .
The cryptocurrency and NFT scam researcher, ZachXBT, had already pointed out in 2021 that the project had no legal guarantees. In this way, it has added to the collapse of the NFT market where cases such as the Bored Ape Yacht Club have left massive lawsuits for “misleading promotion” of the controversial tokens.