Is Yuga labs' bored ape Yacht Club Ethereum NFTs and apecoin unregistered securities?

The United States Securities and Exchange Commission is investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities, according to Bloomberg.

Is Yuga labs a fungible token?

Yuga Labs, founder of the Bored Ape Yacht Club NFT collection, is being probed by the U.S. Securities and Exchange Commission as to whether nonfungible tokens are considered unregistered securities, Bloomberg reported Tuesday.

Did Yuga labs violate sec rules?

The SEC is closely looking into the NFT collection and ApeCoin both. The regulator is investigating whether Yuga Labs' issuance of NFTs and launch of its native cryptocurrency violated any rules. As of now, Yuga Labs has not been accused of any wrongdoing, but the investigation may or may not result in charges.

What is the bored ape Yacht Club?

The Bored Ape Yacht Club is one of the most successful NFT projects to date, with the main collection of 10,000 NFTs initially selling to the public at $190 worth of Ethereum apiece. That sale yielded Yuga roughly $1.9 million.