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The SEC has increased pressure on cryptocurrencies, sharing two files related to Thor. The first file involved a complaint, while the second concerned the acceptance of a penalty by the co-founder, Matthew Moravec. Although these filings are not new, they led to a decline in the price of RUNE Coin.
RUNE Coin Decline
The price of RUNE Coin dropped by 7%, falling to $4.64. This sudden decrease was attributed to the news that the SEC filed a lawsuit against Thor’s co-founder, Matthew Moravec. The complaint stated that the co-founder was guilty of issuing unregistered securities.
Shortly after, a final file was shared, which mentioned Matthew’s acceptance of a $574,312 penalty. However, upon reviewing the details in the SEC system, it was found that the complaint was prepared in 2022, and the final file was dated January 2023. Even though the lawsuit and penalty are over a year old, the uploading of the documents or updates raised alarms, causing a decline in the price of RUNE Coin. This summarizes the recent fluctuations.
