Ethereum News: SEC Concludes Investigation into Immutable Without Enforcement Action

In a significant development for the Web3 gaming industry, the U.S. Securities and Exchange Commission (SEC) has wrapped up its investigation into Immutable, an Ethereum-based gaming platform, without taking any enforcement action. This marks the end of a five-month regulatory scrutiny period and suggests a potential easing of regulatory pressure on the crypto sector.

SEC ends investigation into Immutable – A big win for Web3 gaming!

The U.S. SEC has concluded its investigation into the Ethereum [ETH]-based gaming platform Immutable without imposing any enforcement action, marking the end of five months of regulatory scrutiny. The agency closed its investigation into Immutable without enforcement action, signaling regulatory easing. The agency is shifting from enforcement-driven regulation under Acting Chair Mark Uyeda. For context, the SEC launched its probe into Immutable’s IMX token in October 2024 with a Wells Notice, investigating potential securities law violations. Celebrating the victory, Immutable’s co-founder and president, Robbie Ferguson, stated, “We are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance.

$13 Million Stolen in Abracadabra Exploit on Arbitrum

A significant exploit has rocked the decentralized finance (DeFi) space, with Abracadabra/Spell’s cauldrons leveraging GMX V2’s GM pools suffering a $13 million loss. The attack involved multiple suspicious transactions on the Arbitrum network, resulting in the theft of 6,260 ETH. The stolen funds were quickly bridged to the Ethereum network and distributed across three wallet addresses. Cyvers Alerts flagged the incident and urged users to remain vigilant.

Ethereum Eyes $2,700; $0.09 AI Presale Garners Attention

Ethereum (ETH) is regaining crucial support and aiming for a breakout towards the $2,700 resistance level. The crypto has gained more than 10% in the last week, fueled by news of the Pectra upgrade and Fidelity’s ETH RWA tokenization announcement. Many whales have been buying ETH, boosting community sentiment. Separately, a $0.09 AI-based crypto has raised $12 million in presale, garnering worldwide attention.

Ethereum Holdings on CEXs Near All-Time Lows

Glassnode analytics platform indicated that the percentage of Ethereum held on centralized exchanges is approaching all-time lows, with only 14% of the total ETH supply left. On-chain data from Santiment also revealed that Ethereum’s supply on centralized exchanges dropped to 8.97M, which is the lowest in nearly 10 years.