#Safemoon LLC, its creator Kyle Nagy, #SFM US LLC, CEO John Karony, and Chief Technology Officer Thomas Smith have all been charged by the U.S. Securities and Exchange Commission (SEC) for engaging in a massive fraudulent scheme through the unregistered sale of the #crypto asset security, SafeMoon. According to the SEC, SafeMoon's price increased by over 55,000 percent between March 12 and April 20, 2021, reaching a #cryptocurrency market capitalization of over $5.7 billion before a nearly 50% decline in value occurred on April 20, 2021, when the public discovered that SafeMoon's liquidity pool was not locked as claimed.Karony and Smith are accused of using embezzled funds to make substantial acquisitions of SafeMoon following this decline in order to boost the company's value and market manipulation. According to the SEC's complaint, the defendants broke Rule 10b-5 under the Securities Exchange Act of 1934, as well as Sections 5 and 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act. Additionally, according to the #cryptonews , Karony, Smith, SafeMoon LLC, and SafeMoon US LLC violated Exchange Act Section 9(a)(2).

In its statement, the SEC announced that it filed a fraud case against the once popular memecoin SAFEMOON and its founders.
The US Securities and Exchange Commission (SEC) filed a criminal complaint against SafeMoon, its founder Kyle Nagy, SafeMoon US and the companies' CEO John Karony and CTO Thomas Smith.
The defendants are accused of operating a large-scale fraud scheme through the unregistered sale of the cryptocurrency security SafeMoon.
Despite promises to take the token price “safely to the moon,” the defendants allegedly wiped out billions of dollars in market value, siphoned over $200 million in crypto assets from the project, and misappropriated investor funds for personal gain.
David Hirsch, Chief of the SEC Enforcement Division's Crypto Assets and Cyber Unit (CACU), warned that unregistered sales lack required disclosures and accountability, making them attractive to fraudsters like Nagy who exploit these vulnerabilities for personal enrichment.
The SEC's complaint alleges that Nagy assured investors that the funds were securely locked in SafeMoon's liquidity pool and could not be withdrawn. However, much of the liquidity pool was allegedly never locked up, and the defendants allegedly embezzled millions of dollars for personal luxuries such as McClaren cars, extravagant trips and luxury homes.
CACU Vice President Jorge G. Tenreiro urged investors to be extremely careful with crypto assets due to their popularity among scammers promising astronomical profits.
The complaint also alleges that SafeMoon's price increased by more than 55,000 percent from March 12 to April 20, 2021, reaching a market value of more than $5.7 billion. However, on April 20, 2021, its price dropped nearly 50 percent when it was revealed that SafeMoon's liquidity pool was not locked as claimed.
Following this decline, Karony and Smith allegedly used assets they had embezzled to make large purchases to raise SafeMoon's price and manipulate the market. Karony is also accused of using an account on a trading platform to buy and sell SafeMoon to create the appearance of market activity.
#Safemoon #sec #memecoins

In this article, we’ll explore the 10 best meme coins that hold promise for the month ahead
In the ever-evolving world of cryptocurrency, meme coins have taken center stage, capturing the attention of investors with their whimsical names and community-driven initiatives. As we step into February 2024, the crypto landscape continues to shift, presenting new opportunities for savvy investors.
1. DogeCoin (DOGE): The OG Meme Coin
DogeCoin, the original meme coin for 2024, remains a strong contender. With a dedicated community and recent collaborations boosting its profile, DOGE continues to be a reliable choice for those seeking stability within the meme coin market.
2. Shiba Inu (SHIB): Riding the Shiba Hype
Shiba Inu, often dubbed as the “Doge Killer,” has garnered significant attention. Its decentralized meme token ecosystem, ShibaSwap, and the introduction of NFTs have positioned SHIB as a vibrant player in the meme coin space.
3. SafeMoon (SAFEMOON): Reflecting on Reflections
SafeMoon’s unique reflection mechanism rewards holders with additional tokens during transactions, encouraging long-term commitment. The project’s aggressive marketing strategy and growing community make it an intriguing meme coin for February.
4. Baby DogeCoin (BabyDoge): Following in Doge’s Pawprints
Baby Doge Coin, inspired by its predecessor, has gained popularity for its charitable initiatives and commitment to building a strong community. The coin’s deflationary tokenomics also adds an interesting dynamic for potential investors.
5. Floki Inu (FLOKI): Elon Musk’s Favorite Meme Coin
With Elon Musk’s occasional endorsements, Floki Inu has become a familiar name in the meme coin space. Its community-driven development and Musk’s tweets continue to fuel FLOKI’s momentum.
6. EverGrow (EGC): Growing Stronger with Each Transaction
EverGrow’s unique selling point lies in its auto-boost and burn mechanism, designed to increase the token’s value over time. The project’s focus on sustainability and community engagement makes it an intriguing choice for meme coin enthusiasts.
7. DogeLon Mars (ELON): Merging the Power of Doge and Elon Musk
DogeLon Mars, drawing inspiration from both DogeCoin and Elon Musk, has carved a niche for itself. The community’s enthusiasm and the project’s roadmap contribute to ELON’s appeal as a meme coin with potential.
8. Saitama Inu (SAITAMA): Aiming for the Stars
Saitama Inu, named after the famous Japanese city, has gained traction with its commitment to transparency and community-driven development. The coin’s ambitious plans and partnerships make it a meme coin worth considering.
9. Hokkaidu Inu (HOKK): The Rising Star from the East
Hokkaidu Inu, with its focus on charity and community engagement, has steadily gained popularity. The project’s commitment to building a strong ecosystem and its unique tokenomics contribute to HOKK’s attractiveness.
10. Kishu Inu (KISHU): The Shiba Alternative
Kishu Inu, positioning itself as an alternative to Shiba Inu, has gained attention for its community-driven approach and the introduction of KishuSwap. The project’s commitment to fair distribution and decentralized ownership makes it a notable meme coin.
#DogeCoin #Shiba #Safemoon #floki