SafeMoon has officially filed for Chapter 7 bankruptcy

ChainCatcher news, Watcher.Guru posted on social media that the decentralized finance project SafeMoon has officially filed for Chapter 7 bankruptcy.

It is reported that in November of this year, the U.S. Department of Justice and the SEC charged SafeMoon executives with participating in a fraudulent scheme and the unregistered issuance of crypto securities. The indictment states that SafeMoon founder and executives Braden John Karony, Kyle Nagy, and Thomas Smith are accused of conspiring to commit securities fraud, wire fraud, and money laundering.

Prosecutors stated that the defendants intentionally transferred and misappropriated tokens worth over $200 million from the liquidity pool for the purchase of luxury cars, real estate, and personal investments.