SEC Charges Stoner Cats NFT Creators $1 Million for Unregistered $8 Million Offering
-
The SEC charged Stoner Cats 2 LLC (SC2) for conducting an unregistered offering of NFTs that raised $8 million.
-
SC2 sold over 10,000 NFTs in July 2021 for $800 each, selling out in 35 minutes.
-
SC2 marketed the NFTs by touting their team's expertise, celebrity involvement, and profit potential on secondary markets.
-
Over $20 million was spent on secondary market trading of the Stoner Cats NFTs.
-
SC2 agreed to a $1 million penalty and will destroy all remaining NFTs as part of a settlement.