CoinDesk reported:
Further, the SEC writes: “In advance of the offering, Impact Theory publicly stated that it would deliver ‘tremendous value’ to KeyNFT purchasers. Impact Theory also stated that it would use the offering proceeds for ‘development,’ ‘bringing on more team,’ and ‘creating more projects.'” The company sold NFTs, condensed those proceeds into a single wallet and used the funding to pay vendors and service providers, the SEC added.