According to Decrypt, the SFM token of DeFi Meme Coin SafeMoon plummeted by more than 50% after the company behind the project filed for bankruptcy protection. SFM is currently trading at $0.00003270, down 49.6% in the past 24 hours, setting a new record low for the cryptocurrency. SafeMoon US, LLC filed a Chapter 7 bankruptcy application with the U.S. District Bankruptcy Court for the District of Utah on December 14, filed by attorney Mark Rose. The application documents show that the company expects 50-99 creditors, with assets valued between $10 million and $50 million and liabilities valued between $100,000 and $500,000. Previously, the U.S. Department of Justice charged SafeMoon executives Braden John Karony, Kyle Nagy and Thomas Smith with conspiracy to commit securities fraud, conspiracy to commit wire fraud and money laundering. At the same time, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit against SafeMoon and its executives, accusing them of implementing a large-scale fraud scheme through unregistered crypto securities sales.