Accused Of Selling Unregistered Securities, Stoner Cats Raised $8M In 2021 To Finance Animated Web Series
The Securities and Exchange Commission appears to be stepping up enforcement actions against NFT projects.
On Sep. 13, the agency charged the company behind the Stoner Cats NFT project with selling the tokens in an unregistered securities offering. The company has already settled for $1M and will also return investors’ money as well as destroy any NFTs in its possession.
Stoner Cats raised $8M through an NFT sale in 2021 and the highly hyped mint was plagued by failed transactions. The series was produced by That ‘70s Show star Mila Kunis’ Orchard Farm Productions, and features Kunis and her former co-star Ashton Kutcher in lead voice-over roles.
Seven episodes of Stoner Cats including a holiday special were released between July 2021 and December 2022, and the series carries a 4.8 rating on IMDB.
The action comes just two weeks after the SEC charged Impact Theory, another NFT project, with offering unregistered securities.
SEC Settles Landmark NFT Enforcement Action For $6M
Crypto Lawyers Mull Broader Implications Of Impact Theory Case
Some lawyers in the crypto space believe the SEC is aiming to build a series of charges against increasingly significant NFT projects.
