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DMM encryption project suddenly investigated by SEC announced permanent closure
A U.S. Crypto Assets project suddenly announced its permanent closure, citing a regulatory investigation as the reason.
A US Crypto Assets project supported by well-known investors suddenly announced its permanent closure less than a year after its launch. The project, named DeFi Money Market DAO (DMM), allowed users to earn an annual yield of 6.5% by staking assets.
Interestingly, just a week before the project shut down, DMM held a T-shirt design contest with a prize of 1000 platform native tokens, DMG. This action stands in stark contrast to the sudden closure that followed.
The DMM team stated that the reason for their rapid closure is "regulatory investigation." They then elaborated that the project is facing an investigation by the U.S. Securities and Exchange Commission (SEC).
According to the DMM team, on December 15, 2020, they received a subpoena from the SEC. The subpoena inquired about the sale of their mTokens and DMG coin, as well as other aspects of the company's business operations.
Despite the fact that the project has announced its closure, its legal disputes with the SEC seem to be ongoing. The DMM team stated that they are developing a plan to return DMG assets to holders. However, no specific return framework has been announced yet.
This event has once again raised people's concerns about the regulatory risks of Crypto Assets projects. It reminds investors to remain cautious when participating in emerging Crypto Assets projects and to always pay attention to the relevant regulatory developments.