SafeMoon (SFM) plummets after Chapter 7 bankruptcy filing.
The origin of the protocol’s struggles began when the SEC filed charges against its executives.
SFM, the once-popular cryptocurrency, finds itself plummeting by 42% as SafeMoon, the company behind the token filed for Chapter 7 bankruptcy, a move that has sent shockwaves through the crypto market.
This crisis comes as SafeMoon’s executives face criminal charges in the United States, further complicating the outlook for the once-popular altcoin.
SFM Amid Chapter 7 Bankruptcy Filing
SafeMoon’s decision to file for Chapter 7 bankruptcy in the Utah Bankruptcy Court, is a rare move from the cryptocurrency, marking a departure from the Chapter 11 bankruptcies seen in other crypto companies like FTX Derivatives exchange. 
Unlike Chapter 11, Chapter 7 entails the liquidation of a debtor’s assets to repay creditors, with no intention of restructuring and relaunching the company. SafeMoon’s bankruptcy filing reveals the compan

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