Altcoins are suffering the largest losses
following the SEC’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao.
Among the allegations are that the exchange
offered a number of unregistered securities to the general public, among them
not just Binance’s BNB token and its BUSD stablecoin, but also Solana (SOL),
Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Axie Infinity
(AXS), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND) and Decentraland (MANA).
The entire cryptocurrency market is in the
red on the news, including declines of 5%-10% in most of the above tokens.
Asked about possible regulatory
implications for Sky Mavis, the developer of popular play-to-earn game Axie
Infinity, CEO Aleksander Leonard Larsen said they are "looking into
it" and noted that "it doesn't change much. We are staying the
course, building our products."
Polygon declined to comment on the
situation and none of the other tokens could be reached for comment at the time
of publication.
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