Posted 11/1/2023, 4:38:43 PM
SEC Charges Crypto Company SafeMoon and Executives with $200M Fraud
- SEC charges crypto company SafeMoon, its creator, and executives for fraud and unregistered securities offering.
- Defendants promised profits from SafeMoon token but instead wiped out billions in market value and misappropriated over $200 million.
- SafeMoon price spiked over 55,000% then plunged 50% when liquidity pool found to be unlocked, contrary to claims.
- Executives allegedly manipulated market with wash trades and purchases to prop up price.
- Criminal charges also filed, with assistance from FBI.