5 months ago
1 min read
SafeMoon files for bankruptcy amid fraud charges, executives arrested
SafeMoon has filed for bankruptcy following fraud charges brought against it by the U.S. Securities and Exchange Commission (SEC). This development has sent shockwaves through the crypto community and caused a 14.4% plummet in the value of SafeMoon’s native token. The bankruptcy filing, made under Chapter 7, signifies SafeMoon’s intention to halt operations and liquidate assets to settle outstanding debts. The company acknowledges debts of approximately $500,000, while its assets are estimated to be within the $10 million to $50 million range. Top executives of SafeMoon, including Kyle Nagy, John Karony, and Thomas Smith, have also found themselves in legal
