The SEC and DOJ both filed charges against the controversial cryptocurrency project SafeMoon and related individuals on Nov. 1.
The U.S. Securities and Exchange Commission (SEC) alleged that the company and its members carried out a fraudulent scheme by selling the SafeMoon (SFM) cryptocurrency. The regulator also described SFM as a security asset in its claims today.
The SEC named two companies — SafeMoon LLC and SafeMoon US LLC — as well as founder Kyle Nagy, CEO John Karony, and CTO Thomas Smith in its complaint.
Nagy allegedly told users that their funds were safely locked if they were held in SafeMoon’s liquidity pool and could not be withdrawn by anyone. However, the SEC said that, in reality, “large portions” of the funds in this pool were unlocked.
The SEC said that SafeMoon and its individual members later withdrew more than $200 million of crypto from the project and “wiped out” billions of dollars of their cryptocurrency’s market cap. The defendants allegedly
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