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

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

Yesterday 01: 26

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

United States Dollar Index sits near March 2025 highs, above 102.00 ahead of US NFP The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.

Author FXStreet

6 hours ago

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.

Popular Symbols