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🔥 SafeMoon Executives Charged by SEC for Fraud and Money Laundering, Execs Arrested by DOJ🔥🛑
The Securities and Exchange Commission (SEC) has charged SafeMoon and its executives with "fraud and unregistered offering of crypto securities," #alleging their involvement in a fraudulent operation that caused significant losses to investors.
The SEC statement mentioned that “instead of delivering #profit they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.”
At the same time, the U.S. Department of Justice (DOJ) has revealed an indictment against SafeMoon creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith, charging them with conspiracy to commit securities fraud, wire fraud, and money laundering.
Karony was detained in Provo, Utah, and Smith in Bethlehem, New Hampshire. Nagy is still missing.
The defendants are accused of deceiving SafeMoon investors.
While #SafeMoon market value exceeded $8 billion, the DOJ claims that the executives fraudulently diverted and stole millions of dollars in locked liquidity for personal gain, including luxury vehicle purchases, real estate investments and personal expenses.
To conceal their involvement, SafeMoon officials allegedly employed sophisticated transaction routing and pseudonymous centralized exchange accounts.
SafeMoon is a well-known memecoin project in 2021, and gained the attention of investors by sharing 50% of transaction fees to token holders. It reached a peak price of $0.00338 in January 2022.However, the bear market and news of the DOJ indictment and SEC charges has resulted in a decline, with the price now at $0.00019.
Investigations by both the SEC and DOJ into SafeMoon are ongoing, and if the defendants are convicted, they could face a maximum prisonsentence of 25 years.
Disclaimer:Please note this article just for information Anilsingta is not responsible for such Content it was published by CMC News.
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The Securities and Exchange Commission (SEC) has charged SafeMoon and its executives with "fraud and unregistered offering of crypto securities," #alleging their involvement in a fraudulent operation that caused significant losses to investors.
The SEC statement mentioned that “instead of delivering #profit they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.”
At the same time, the U.S. Department of Justice (DOJ) has revealed an indictment against SafeMoon creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith, charging them with conspiracy to commit securities fraud, wire fraud, and money laundering.
Karony was detained in Provo, Utah, and Smith in Bethlehem, New Hampshire. Nagy is still missing.
The defendants are accused of deceiving SafeMoon investors.
While #SafeMoon market value exceeded $8 billion, the DOJ claims that the executives fraudulently diverted and stole millions of dollars in locked liquidity for personal gain, including luxury vehicle purchases, real estate investments and personal expenses.
To conceal their involvement, SafeMoon officials allegedly employed sophisticated transaction routing and pseudonymous centralized exchange accounts.
SafeMoon is a well-known memecoin project in 2021, and gained the attention of investors by sharing 50% of transaction fees to token holders. It reached a peak price of $0.00338 in January 2022.However, the bear market and news of the DOJ indictment and SEC charges has resulted in a decline, with the price now at $0.00019.
Investigations by both the SEC and DOJ into SafeMoon are ongoing, and if the defendants are convicted, they could face a maximum prisonsentence of 25 years.
Disclaimer:Please note this article just for information Anilsingta is not responsible for such Content it was published by CMC News.
FOLLOW FOR MORE ARTICLES THANKS 🙏🏻 NEED YOUR SUPPORT
$ETH
⛔⛔⛔BIG NEWS ⛔⛔⛔
👉 🇺🇸 US Government Arrests #SafeMoon Founders John Karony, Kyle Nagy & Thomas Smith.
👉 🇺🇸 #SEC Charges SafeMoon crypto token & its executives with fraud. 🔥
⛔Some People Will Think This is Bad or Bearish Thing For Crypto But This is Very goood Act & Decision By US Gov.
It Will Increase More Transparency in Crypto & In Future Many Other Crypto Token Creators Will Avoid Scams & Frauds 💚
What Is Your Opinion About This! Tell me in Comments
👉 🇺🇸 US Government Arrests #SafeMoon Founders John Karony, Kyle Nagy & Thomas Smith.
👉 🇺🇸 #SEC Charges SafeMoon crypto token & its executives with fraud. 🔥
⛔Some People Will Think This is Bad or Bearish Thing For Crypto But This is Very goood Act & Decision By US Gov.
It Will Increase More Transparency in Crypto & In Future Many Other Crypto Token Creators Will Avoid Scams & Frauds 💚
What Is Your Opinion About This! Tell me in Comments
⚡ #crypto News Digest: Key Updates You Need to Know (19 April 2023)
This digest provides a quick overview of the most significant #cryptocurrency news, that worthy of your attention.
#LIDO #MeritCircle #SafeMoon $MC $HNT $SFM $LDO
This digest provides a quick overview of the most significant #cryptocurrency news, that worthy of your attention.
#LIDO #MeritCircle #SafeMoon $MC $HNT $SFM $LDO
#SEC Charges #SafeMoon Team With Fraud, Offering Unregistered #Crypto Securities...
The team withdrew more than $200M to buy luxury cars and homes from funds that they told investors were "locked," according to the regulator.
The U.S. Securities and Exchange Commission (#SEC ) has charged SafeMoon and its executive team with perpetrating a fraudulent scheme through an unregistered securities sale.
The SafeMoon executive team withdrew more than $200 million from the project and misappropriated investors funds for personal use, according to the SEC’s complaint filed on Wednesday.
"Unregistered offerings lack the disclosures and accountability that the law demands, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit (CACU), referring to SafeMoon creator Nagy. The agency also accused CEO John Karony and Chief Technology Officer Thomas Smith in the fraud.
SafeMoon was a #meme coin that rolled out during the height of the previous bull market. Its team promised users that staked funds would be "locked" in a liquidity pool, but the SEC said that "large portions of the liquidity pool were never locked" and that executives used funds to buy luxury homes, travel and McClaren cars.
The team withdrew more than $200M to buy luxury cars and homes from funds that they told investors were "locked," according to the regulator.
The U.S. Securities and Exchange Commission (#SEC ) has charged SafeMoon and its executive team with perpetrating a fraudulent scheme through an unregistered securities sale.
The SafeMoon executive team withdrew more than $200 million from the project and misappropriated investors funds for personal use, according to the SEC’s complaint filed on Wednesday.
"Unregistered offerings lack the disclosures and accountability that the law demands, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit (CACU), referring to SafeMoon creator Nagy. The agency also accused CEO John Karony and Chief Technology Officer Thomas Smith in the fraud.
SafeMoon was a #meme coin that rolled out during the height of the previous bull market. Its team promised users that staked funds would be "locked" in a liquidity pool, but the SEC said that "large portions of the liquidity pool were never locked" and that executives used funds to buy luxury homes, travel and McClaren cars.
🚨 Crypto Legal Update: Big Cases Ahead! 🚨
👉 The “trial of the century” ended with FTX's Sam Bankman-Fried's sentencing, but more crypto court drama is brewing in the U.S.
👨⚖️ Binance's Changpeng Zhao faces potential jail time at month-end, while his former CEO title and co-founder role remain in legal crosshairs.
👩⚖️ FTX's Gary Wang, Nishad Singh, and Caroline Ellison await sentencing, offering insight into the aftermath of their exchange's massive fraud.
💼 Terraform Labs' Do Kwon faces extradition tussles, while Avi Eisenberg's DeFi exploits land him in a commodities fraud trial.
🌀 Crypto mixer Tornado Cash's devs Roman Storm and Semenov face legal heat for alleged money laundering, while Celsius founder Alex Mashinsky's criminal trial looms.
💰 SafeMoon's CEO and team, KuCoin's founders, and a slew of other crypto firms are in the SEC's crosshairs for various violations.
⚖️ As the legal landscape shifts, stay tuned for updates on these pivotal cases shaping the crypto industry.
Source: Magazine: Inner City Press
#CryptoLegal #Binance #FTX #TerraformLabs #SafeMoon
👉 The “trial of the century” ended with FTX's Sam Bankman-Fried's sentencing, but more crypto court drama is brewing in the U.S.
👨⚖️ Binance's Changpeng Zhao faces potential jail time at month-end, while his former CEO title and co-founder role remain in legal crosshairs.
👩⚖️ FTX's Gary Wang, Nishad Singh, and Caroline Ellison await sentencing, offering insight into the aftermath of their exchange's massive fraud.
💼 Terraform Labs' Do Kwon faces extradition tussles, while Avi Eisenberg's DeFi exploits land him in a commodities fraud trial.
🌀 Crypto mixer Tornado Cash's devs Roman Storm and Semenov face legal heat for alleged money laundering, while Celsius founder Alex Mashinsky's criminal trial looms.
💰 SafeMoon's CEO and team, KuCoin's founders, and a slew of other crypto firms are in the SEC's crosshairs for various violations.
⚖️ As the legal landscape shifts, stay tuned for updates on these pivotal cases shaping the crypto industry.
Source: Magazine: Inner City Press
#CryptoLegal #Binance #FTX #TerraformLabs #SafeMoon
SafeMoon DeFi Platform Hacked: Almost $9 Million Lost In Liquidity Pool
On March 29, 2023, it was reported that SafeMoon, a DeFi platform on the BNB Chain, had been hacked, resulting in an estimated loss of nearly $9 million from the liquidity pool.
The announcement from SafeMoon read, “We want to inform you that our LP has been compromised. We are taking swift action in an attempt to resolve the issue as soon as possible.”
According to on-chain data reported by BscScan, nearly $8.9 million was transferred out of the liquidity pool. Peckshield, a blockchain security company, reported that a recent update to the platform inadvertently created a “burn bug” vulnerability that leaked the admin key, enabling the hack to occur. “The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?) And here comes the upgrade tx,” Peckshield tweeted.
@azcoinnews
The hacker allegedly inflated the price of SFM and then returned the tokens to the pool in the same transaction, allowing them to easily withdraw more than $8.9 million worth of WBNB from the contract.
SafeMoon is a DeFi protocol that provides profits for investors through distribution, LP buybacks, and token burning. However, the project has been previously accused of “pump and dump” schemes by high-profile individuals and the development team in February 2022.
This recent hack is just one in a long line of security breaches that have plagued the DeFi space in recent years. It highlights the need for continued efforts to strengthen security measures and prevent such incidents from occurring in the future. The SafeMoon team has not yet provided an update on the status of the situation or the steps being taken to recover the stolen funds, but the community is likely eagerly awaiting news and hoping for a positive outcome.
#SafeMoon #Binance #Defi #hack #azcoinnews
This article was republished from azcoinnews.com
The announcement from SafeMoon read, “We want to inform you that our LP has been compromised. We are taking swift action in an attempt to resolve the issue as soon as possible.”
According to on-chain data reported by BscScan, nearly $8.9 million was transferred out of the liquidity pool. Peckshield, a blockchain security company, reported that a recent update to the platform inadvertently created a “burn bug” vulnerability that leaked the admin key, enabling the hack to occur. “The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?) And here comes the upgrade tx,” Peckshield tweeted.
@azcoinnews
The hacker allegedly inflated the price of SFM and then returned the tokens to the pool in the same transaction, allowing them to easily withdraw more than $8.9 million worth of WBNB from the contract.
SafeMoon is a DeFi protocol that provides profits for investors through distribution, LP buybacks, and token burning. However, the project has been previously accused of “pump and dump” schemes by high-profile individuals and the development team in February 2022.
This recent hack is just one in a long line of security breaches that have plagued the DeFi space in recent years. It highlights the need for continued efforts to strengthen security measures and prevent such incidents from occurring in the future. The SafeMoon team has not yet provided an update on the status of the situation or the steps being taken to recover the stolen funds, but the community is likely eagerly awaiting news and hoping for a positive outcome.
#SafeMoon #Binance #Defi #hack #azcoinnews
This article was republished from azcoinnews.com
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Safemoon (SAFEMOON): A meme cryptocurrency with complex tokenomics mechanisms such as accumulation and redistribution of rewards to investors. Safemoon's price increases are often accompanied by community activism and unique marketing strategies
try it with a small amount it might surprise you #SafeMoon $NOT $PEPE
try it with a small amount it might surprise you #SafeMoon $NOT $PEPE
BREAKING NEWS:
#Scam Project #SafeMoon Files for Chapter 7 Bankruptcy
Safemoon Did 58300x ( 5830197% ) within 70 days After Launch.
And Now Almost 99.97% Down From Its All Time High.
Brace yourselves!
As the bull run heats up, more questionable coins like SafeMoon are set to disappear.
Expect increased volatility and more dumps ahead.
#Ledger #CryptoPatel #fomc
$SOL $SHIB $1000SATS
#Scam Project #SafeMoon Files for Chapter 7 Bankruptcy
Safemoon Did 58300x ( 5830197% ) within 70 days After Launch.
And Now Almost 99.97% Down From Its All Time High.
Brace yourselves!
As the bull run heats up, more questionable coins like SafeMoon are set to disappear.
Expect increased volatility and more dumps ahead.
#Ledger #CryptoPatel #fomc
$SOL $SHIB $1000SATS
