India's financial crime fighting agency on Tuesday searched the premises of Coda Payments India as part of a money laundering probe into the fintech firm and Sea Ltd's Free Fire. The Enforcement Directorate (ED) said that it had started an investigation into the companies following complaints that the platforms made unauthorised deductions from the accounts of online game users. Coda enables cross-border payments for games and other digital products, including Garena Free Fire, Teen Patti Gold, and Call of Duty.
Sea Limited Sponsored ADR (SE) closed at $57.04 in the latest trading session, marking a -0.7% move from the prior day.
Sea Limited's (NYSE: SE) stock price has declined more than 80% since it closed at an all-time high of $366.99 last October. The market's enthusiasm for the Southeast Asian e-commerce and gaming giant fizzled out as its growth decelerated in a post-pandemic market and its losses widened. Let's review the bear and bull cases for Sea to see if it can stabilize and continue growing over the next few years.