The US Securities and Exchange Commission (SEC) recently announced charges against SafeMoon, its creator Kyle Nagy, the company’s CEO, John Karony, and CTO, Thomas Smith.
The SEC alleges that these individuals orchestrated a “massive fraudulent scheme” involving the unregistered sale of SafeMoon (SFM), a “crypto asset security” as defined by the SEC.
Per the complaint, instead of delivering the promised profits and taking the token “Safely to the Moon,” the defendants allegedly wiped out billions in market capitalization, misappropriated investor funds, and withdrew over $200 million in crypto assets for personal use.
On this matter, David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit, emphasized the need for caution in the decentralized finance (DeFi).
SEC Charges SafeMoon And Executives
According to the complaint, Kyle Nagy assured investors that funds in SafeMoon’s liquidity pool were safely locked and inaccessible to anyone, i
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