Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

Source Fxstreet

Fortune obtained a document revealing the SEC investigated FLOW's Dapper Labs and closed the case in September.
The document didn't reveal any reason for the investigation or its closure.
Dapper Labs spokesperson says the company is unaware of the investigation.

Flow (FLOW) cryptocurrency received attention on Monday after Fortune obtained a document revealing the Securities & Exchange Commission (SEC) closed an investigation on its founding company, Dapper Labs, which is also responsible for developing NBA Top Shot and Crypto Kitties NFTs.

Read more: SEC serves DeFi giant Uniswap with Wells notice as project vows to fight

FLOW's price stagnancy

FLOW has been trading in the red for the past month despite a general market rally that saw many altcoins recording impressive gains. The bearish price movement is owing to the declining sales Dapper Labs has been facing since 2022.

Dapper Labs, which burst into the limelight with the Crypto Kitties NFT game and a follow-up with the NBA Top Shot NFT trading marketplace, quickly garnered massive attention within the crypto market. It fueled the NFT frenzy of 2021, launching the FLOW token, and its NFT monthly sales skyrocketed to $226 million in February 2021, according to CryptoSlam.

Also read: XRP price drops below psychologically important level while Ripple CLO weighs evidence presented by SEC

However, Dapper Labs' NFT sales plummeted following the crypto market crash of 2022.

SEC closes Dapper Labs investigation

In an internal document Fortune obtained, the SEC closed an investigation against Dapper Labs on September 29, 2023. Fortune said that the "Case Closing Report" was terminated by David Hirsch, SEC's head of Crypto Asset & Cyber Unit. The document didn't reveal reasons for the investigation, when it began or why the SEC closed it. A Dapper Labs spokesperson told Fortune that the company wasn't aware of the Investigation as the SEC never contacted them.

Read more: Tron Foundation seeks the dismissal of SEC lawsuit versus Justin Sun and his companies

Dapper Labs and its CEO Roham Gharegozlu had also faced legal action earlier when investors argued that the company's NBA Top Shot NFTs were securities and should have been registered with regulators. In February 2023, the judge presiding over the case refused to dismiss the suit, highlighting that the securities claim had merit.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Weekly Report: Gold up 4.5%, Brent down 16.4% — three commodity regimes just reset Gold rose 4.51% to $4,074.90 while Brent fell 16.42% to $98.32 in the same five sessions — two inflation hedges, opposite answers. Around them, the gold-silver ratio sits at 78.7 and copper fell 3.72%. Three regime signals, two of them close to flipping, define what commodity traders must re-price before Tuesday's CPI.

Author Irene Q.

Yesterday 03: 05

Gold rose 4.51% to $4,074.90 while Brent fell 16.42% to $98.32 in the same five sessions — two inflation hedges, opposite answers. Around them, the gold-silver ratio sits at 78.7 and copper fell 3.72%. Three regime signals, two of them close to flipping, define what commodity traders must re-price before Tuesday's CPI.

The CPI that has no year-over-year number is the one that decides December October CPI lands on Nov 10 at 13:30 GMT, and it will be published without a year-over-year figure: BLS never collected October 2025 prices during the federal shutdown. Consensus is +0.3% headline and +0.2% core month-on-month, against +0.6% and +0.3% in September. With December hike odds at 77%, the month-on-month print is now the whole story, and $4,197–4,202 on gold and 4.86% on the 10-year are the levels that price it.

Author Irene Q.

Yesterday 03: 23

October CPI lands on Nov 10 at 13:30 GMT, and it will be published without a year-over-year figure: BLS never collected October 2025 prices during the federal shutdown. Consensus is +0.3% headline and +0.2% core month-on-month, against +0.6% and +0.3% in September. With December hike odds at 77%, the month-on-month print is now the whole story, and $4,197–4,202 on gold and 4.86% on the 10-year are the levels that price it.

US October CPI Preview: Inflation Growth May Slow, How Will US Stocks, Dollar and Gold React? On Tuesday (Nov. 10) Eastern Time, the U.S. will release the October Consumer Price Index (CPI), a key inflation reading ahead of the Federal Reserve's December interest rate decision. Th

Author TradingKey

Yesterday 08: 08

On Tuesday (Nov. 10) Eastern Time, the U.S. will release the October Consumer Price Index (CPI), a key inflation reading ahead of the Federal Reserve's December interest rate decision. Th

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 10, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 10, 2026. Read on for the details.

Author Mitrade

8 hours ago

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 10, 2026. Read on for the details.

Nvidia fell 4.3% on a day the Nasdaq rose 2.7% — this is a governance discount, not an AI warning Nvidia closed at $178.67 on November 9, down 4.27% with an intraday low of $170.24, while the Nasdaq rose 2.74% and the Philadelphia Semiconductor Index jumped 6.85%. Volume was roughly 2.5 times the prior session. The board opened an independent review after CEO Jensen Huang's public statement about his personal life. With Q3 earnings on November 17, the two levels that matter are $170.24 and $200."

Author Irene Q.

6 hours ago

Nvidia closed at $178.67 on November 9, down 4.27% with an intraday low of $170.24, while the Nasdaq rose 2.74% and the Philadelphia Semiconductor Index jumped 6.85%. Volume was roughly 2.5 times the prior session. The board opened an independent review after CEO Jensen Huang's public statement about his personal life. With Q3 earnings on November 17, the two levels that matter are $170.24 and $200."

Popular Symbols