Crypto firm SafeMoon US LLC filed for bankruptcy in a Utah court on Thursday, a month after its executives were accused by federal prosecutors of using millions of dollars of investor funds to buy luxury homes and sports cars.
The Chapter 7 filing — a process which means the firm intends to liquidate its assets and shut down operations — said SafeMoon had between $10 million and $50 million in estimated assets. Its liabilities were estimated at a maximum of $500,000, with up to 99 estimated creditors.
The US Department of Justice and Securities and Exchange Commission sued the three founders of SafeMoon in November, alleging that they defrauded investors in its crypto token which uses the same name. The SafeMoon token, which trades under the ticker SFM and was touted
It’s lost nearly 99% of its value from its all-time high in January 2022. The token benefited from the crypto frenzy a year earlier, when the coin
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SafeMoon didn’t immediately respond to a request for comment.
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Emily Nicolle, Anna Irrera
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