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Homeweb3.0SEC Reveals Reasons for Targeting Polygon (MATIC), Terra Luna Classic (LUNC), The Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ)

As per a leaked court filing, the U.S. Securities and Exchange Commission (SEC) shared its reasons for cracking down on several altcoins including Polygon (MATIC), Terra Luna Classic (LUNC), The Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ).

SEC Reveals Reasons for Targeting Polygon (MATIC), Terra Luna Classic (LUNC), The Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ)

The U.S. Securities and Exchange Commission (SEC) has disclosed its reasoning for targeting several altcoins, including Polygon (MATIC), Terra Luna Classic (LUNC), The Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ), in a leaked court filing.

According to the securities regulator, these altcoins were initially offered to investors as investment contracts tied to their respective affiliates. The SEC highlighted an incident in April 2021, where Polygon Labs sold 19% of its MATIC supply, raising $5 million through the sale of unregistered securities on Binance via an Initial Exchange Offering (IEO).

Polygon Labs reportedly sold each MATIC token for $0.00263, intending to use the proceeds for blockchain development.

Similarly, CHZ, a blockchain platform for sports, features over 100 officially licensed crypto tokens from major sports franchises. The SEC referenced Chiliz's whitepaper to explain CHZ's tokenomics, particularly noting a 58% allocation for operating expenses.

LUNA Was a Part of Equity for Terraform Labs

The court filing for Terra Luna Classic outlines Terraform Lab’s communication regarding the original LUNA token as a representation of equity in the firm. According to the SEC, the 2018 LUNA token sale agreement explicitly stated that the funds raised were intended for Terraform to develop and operate its systems.

LUNC's role in the SEC's case may differ. Recently, the SEC finalized a massive $4.5 billion settlement with TerraForm Labs, the parent company of LUNA, and other tokens mentioned in the legal proceedings.

Following Terraform Labs' bankruptcy proceedings earlier this愉快, LUNC and USTC tokens are expected to be removed from circulation this year as these assets could be liquidated to cover the $4.5 billion fine imposed by U.S. financial regulators.

Altcoins Currently on Santiment’s Radar

On-chain data provider Santiment reported a strong surge in address activity for three major altcoins: Render (RNDR), Aave (AAVE), and Maker (MKR). Historically, there’s been a positive correlation between the number of wallets interacting on these networks and future bullish price action. Hence, Santiment anticipates positive trends for these altcoins soon.

Moreover, Santiment also highlighted that altcoins like Litecoin (LTC) and XRP are experiencing FOMO as the crypto market continues with a strong rebound. While these coins have the potential to continue rising, the current enthusiasm surrounding them suggests that they could be high-risk, high-reward investments this week.

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