🔥 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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