The cryptocurrency project SafeMoon has filed for
bankruptcy protection in Utah Bankruptcy Court. With assets ranging between $10
million to $50 million and debts between $100,000 to $500,000, this bankruptcy
filing has unveiled a dire financial situation in the company.
This step follows the recent arrests of SafeMoon’s
executives, John Karony, the Chief Executive Officer; Thomas Smith, the Chief
Technology Officer; and creator Kyle Nagy.
These arrests, which were made last month, involve
charges related to securities fraud conspiracy, wire fraud conspiracy, and
money laundering conspiracy. Additionally, the executives face allegations of
misappropriating investors’ assets and deceiving customers.
The aftermath rippled through SafeMoon’s market
performance, witnessing a staggering 42% plunge in the SFM token value within
24 hours, Coindesk reported.
Expect ongoing updates as this story evolves…
The cryptocurrency project SafeMoon has filed for
bankruptcy protection in Utah Bankruptcy Court. With assets ranging between $10
million to $50 million and debts between $100,000 to $500,000, this bankruptcy
filing has unveiled a dire financial situation in the company.
This step follows the recent arrests of SafeMoon’s
executives, John Karony, the Chief Executive Officer; Thomas Smith, the Chief
Technology Officer; and creator Kyle Nagy.
These arrests, which were made last month, involve
charges related to securities fraud conspiracy, wire fraud conspiracy, and
money laundering conspiracy. Additionally, the executives face allegations of
misappropriating investors’ assets and deceiving customers.
The aftermath rippled through SafeMoon’s market
performance, witnessing a staggering 42% plunge in the SFM token value within
24 hours, Coindesk reported.
Expect ongoing updates as this story evolves…
