SafeMoon Team in Hot Water: Arrested and Charged!
SafeMoon, a crypto company that has been accused of fraud and unregistered offering of crypto securities by the SEC and the DOJ. Authorities charged SafeMoon’s creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith with conspiracy to commit securities fraud, wire fraud, and money laundering. The defendants allegedly promised investors that they had safely […]
SafeMoon, a crypto company that has been accused of fraud and unregistered offering of crypto securities by the SEC and the DOJ.
Authorities charged SafeMoon’s creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith with conspiracy to commit securities fraud, wire fraud, and money laundering.
The defendants allegedly promised investors that they had safely locked their funds in a liquidity pool. However, they instead withdrew over $200 million and used it for personal expenses, such as luxury cars and homes.
SafeMoon’s token price experienced a surge of over 55,000% from March to April 2021, propelling it to a market cap exceeding $5.7 billion. However, it plummeted by nearly 50% following the exposure of fraud.
The SEC and the DOJ aim to regain the ill-gotten gains and to levy civil and criminal penalties on the defendants.
What is SafeMoon?
SafeMoon, a decentralized finance (DeFi) token, launched in March 2021. It is a type of cryptocurrency, similar to Bitcoin and Ethereum, and exists solely online. Powered by the distributed ledger technology known as blockchain.
The unique feature of SafeMoon is that it charges a 10% fee to anyone who sells their tokens. SafeMoon fees redistribute half to holders, incentivizing token retention and discouraging selling.
The Binance Smart Chain blockchain birthed SafeMoon, and its market cap stood at approximately $88.4 million as of July 7, 2022. However, it’s important to note that SafeMoon is an extremely speculative asset with no intrinsic value. The price of SafeMoon has been extremely volatile, rising more than 20,000 percent before tumbling nearly 99 percent.
Please be aware that investing in cryptocurrencies can be risky due to their inherent volatility. It is advisable to conduct thorough research and carefully assess your financial situation before making any investment.
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