SafeMoon, a Defi cryptocurrency, along with its creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith, have been charged by the Securities & Exchange Commission (SEC) for “perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security”.
SafeMoon price took a dive after the SEC charged the token and its founder, CEO and CTO with fraud. The US government announced that while the CEO and CTO have been arrested, the founder remains at large. The US Attorney's Office also claimed that the team misappropriated millions of dollars of investors' funds for their own use.
This was preceded by fraudulently manipulating the value of the token by pumping it into the market back in April 2021 after users learned that SafeMoon's liquidity pool was not locked as claimed, which led to cryptocurrency's price plummeting by 50% from a market capitalization of $5.7 billion. SafeMoon price witnessed a 30% crash at the time of writing following the release of the news to trade at $0.0001350.
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