TechFlow news: Watcher.Guru tweeted that the decentralized finance project SafeMoon has officially filed for Chapter 7 bankruptcy.
Earlier this month, the SEC and the U.S. Department of Justice accused the DeFi protocol Safemoon and its executives of fraud. According to the indictment, SafeMoon founders and executives Braden John Karony, Kyle Nagy, and Thomas Smith are charged with conspiracy to commit securities fraud, wire fraud, and money laundering.
SafeMoon issued the decentralized financial digital asset SFM. According to a court filing, SFM had a market capitalization exceeding $9 billion and over 2 million holders. Prosecutors allege that the defendants intentionally accessed and misappropriated more than $200 million worth of tokens from the SFM liquidity pool to purchase luxury vehicles, real estate, and personal investments.
