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SafeMoon Files for Liquidation Bankruptcy as Execs Face DoJ Charges
Crypto firm SafeMoon on Thursday, December 14, filed for Chapter 7 bankruptcy, also known as liquidation bankruptcy. The filing was done by attorney Mark Rose in the United States Bankruptcy Court for the District of Utah. This comes as the company’s executives face criminal charges in the United States for allegedly defrauding customers of millions of dollars.
The court filing shows that MoonPay has between 50 and 99 creditors, assets ranging between $10 million and $50 million and between $100,000 and $500,000 in liabilities.
In “liquidation” or Chapter 7 bankruptcy, a debtor’s assets are liquidated to repay creditors. With this type of filing, there are no plans to restructure or relaunch the business as is seen in Chapter 11 bankruptcies, which have been filed by several crypto businesses in recent months.
In a screenshot of a letter said to be from the firm’s restructuring officer, employee
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