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Home»ADOPTION NEWS»SafeMoon Files Chapter 7 Bankruptcy After Executive Arrests, SEC Indictment
ADOPTION NEWS

SafeMoon Files Chapter 7 Bankruptcy After Executive Arrests, SEC Indictment

By Crypto FlexsDecember 15, 20232 Mins Read
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SafeMoon Files Chapter 7 Bankruptcy After Executive Arrests, SEC Indictment
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Posted 1 minute ago In ~

DeFi protocol SafeMoon filed for Chapter 7 bankruptcy protection on Thursday, following the U.S. securities watchdog last month. charged Company accused of fraud.

Safemoon contaminated A voluntary bankruptcy petition was filed Thursday in U.S. Bankruptcy Court for the District of Utah. The document was signed by Chief Restructuring Officer Kenneth Ehrler.

SafeMoon US LLC has estimated assets in the range of $10 million to $50 million and liabilities in the range of $100,001 to $500,000, according to the filing.

The news comes after the Securities and Exchange Commission filed charges against the company and its executives last month. Allegations of fraud and unregistered offering of cryptocurrency securities. The agency said three SafeMoon executives — Kyle Nagy, John Karony and Thomas Smith — failed to deliver promised profits and misappropriated investor funds for personal use.

Karony and Smith be arrested Last month, Nagy stayed put. “Defendants lied to SFM investors about SFM’s personal holdings and transactions and whether the use of SFM’s ‘locked’ liquidity was inaccessible to defendants,” prosecutors said. said. “As SFM’s market capitalization grew to more than $8 billion, defendants fraudulently misappropriated and misappropriated millions of dollars worth of SFM’s purportedly ‘locked’ liquidity for their personal gain.”

The SafeMoon token fell 14.4% in the past 24 hours as of midday Friday in Asia. data From CoinGecko.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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