SafeMoon Plunges as Company Files for Bankruptcy

SafeMoon's SFM token has plummeted by 50% to an all-time low after the company filed for Chapter 7 bankruptcy. SafeMoon US, LLC, the firm behind the DeFi meme coin, has an estimated 50-99 creditors and liabilities ranging from $100,001 to $500,000. This bankruptcy filing follows the indictment of SafeMoon executives for securities fraud, wire fraud, and money laundering. The U.S. Securities and Exchange Commission has also filed civil charges against SafeMoon and its executives for an unregistered sale of crypto securities.