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Safemoon

All articles tagged with #safemoon

cryptocurrency2 years ago

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.

via Decrypt|
#bankruptcy#cryptocurrency#fraud
cryptocurrency2 years ago

SafeMoon Plunges as Crypto Firm Files for Chapter 7 Bankruptcy

Crypto firm SafeMoon has filed for Chapter 7 bankruptcy, with its executives facing criminal charges in the U.S. The company has between 50 and 99 creditors, assets between $10 million and $50 million, and owes between $100,000 and $500,000. Unlike Chapter 11 bankruptcies, there is no intent to restructure and relaunch the company. SafeMoon's executives were arrested on charges of securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy. The firm is also facing a lawsuit from the Securities and Exchange Commission (SEC) alleging fraud and securities law violations. SafeMoon's token, SFM, plunged 42% in the past 24 hours.

via CoinDesk|
#bankruptcy#criminal-charges#crypto-company
cryptocurrency2 years ago

SafeMoon Founders Face SEC Charges for Fraud and Unregistered Offering of Crypto Securities

The Securities and Exchange Commission (SEC) has charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the company's CEO and CTO for fraud and conducting an unregistered offering of the crypto asset security, SafeMoon. The defendants allegedly misled investors by promising profits but instead wiped out billions in market capitalization, withdrew over $200 million in crypto assets, and misappropriated investor funds for personal use. The SEC warns investors to exercise caution in the crypto space, as fraudsters exploit its popularity. SafeMoon's price skyrocketed before plummeting when it was revealed that the liquidity pool was not locked as claimed. The defendants are charged with violating securities laws.

via SEC.gov|
#crypto-securities#cryptocurrency#fraud
crime2 years ago

SafeMoon Founders and Executives Arrested in Multi-Million Dollar Fraud Scheme, SEC Alleges

Founders and executives of digital-asset company SafeMoon LLC, Braden John Karony, Kyle Nagy, and Thomas Smith, have been charged with conspiracy to commit securities fraud, wire fraud, and money laundering for defrauding investors in their decentralized finance digital asset called "SafeMoon." The defendants allegedly misled investors about the accessibility of locked liquidity and their personal holdings and trading of SafeMoon. As SafeMoon's market capitalization reached over $8 billion, the defendants diverted and misappropriated millions of dollars' worth of locked SafeMoon liquidity for personal gain. Karony and Smith have been arrested, while Nagy remains at large.

via Department of Justice|
#crime#digital-assets#fraud-scheme