The DOJ has arrested SafeMoon executives for defrauding investors, with the SEC also filing charges for securities violations.
Executives allegedly misused over $200 million for personal luxuries, and the SafeMoon token value plummeted by 30% following the news.
In a significant development shaking the cryptocurrency industry, SafeMoon’s top executives have been arrested under charges of defrauding investors. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have jointly targeted the individuals behind the SafeMoon project with allegations of a multi-million-dollar scheme.
Legal Crackdown on Crypto Fraud
SafeMoon CEO John Karony and CTO Thomas Smith are in custody, while authorities are pursuing creator Kyle Nagy. They face accusations of siphoning more than $200 million from SafeMoon’s coffers for personal gain. U.S. Attorney for the Eastern District of New York, Breon Peace, highlighted the severity of the allegations, underscoring the luxuriou

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