SEC Charges Stoner Cats Over $8M Unregistered NFT Offering: Mila Kunis-Backed NFT Project to Pay $1M Penalty

SEC Charges Stoner Cats Over $8M Unregistered NFT Offering: Mila Kunis-Backed NFT Project to Pay $1M Penalty

The Securities and Exchange Commission (SEC) charged Stoner Cats 2 LLC (SC2) with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs) that raised about $8 million from investors to finance an animated web series.
SEC Slaps Stoner Cats 2 With Charges: NFTs Deemed Unregistered Securities in $8M Offering
According to the SEC order issued on Wednesday, SC2 offered and sold more than 10,000 NFTs for around $800 each on July 27, 2021, selling out in just 35 minutes. The marketing campaign highlighted benefits like the ability to resell the NFTs on the secondary market, the SEC said.
SC2 also emphasized the expertise of its Hollywood producers, knowledge of crypto, and involvement of famous actors, leading investors to expect profits from rising resale value if the web series succeeded. The project was crafted by the American actress and producer, Mila Kunis for the animated series produced by Orchard Farm Productions.
SC2 configured the N

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