SEC Charges SafeMoon and Executive Team with Fraudulent Scheme and Misappropriation of Funds
SafeMoon and its executive team have been charged by the SEC for conducting a fraudulent scheme through an unregistered securities sale. The SEC's complaint alleges that the executive team withdrew over $200 million from the project and used investors' funds for personal gain. The agency accused SafeMoon creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith of fraud. The SEC also stated that SafeMoon's liquidity pool was not properly locked, and the team used funds to purchase luxury items and manipulate the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Alex Protocol Unveils Treasury Grant Program to Compensate $8.3M Hack Victims
Alex Protocol, a decentralized finance platform built on Bitcoin, has launched a Treasury Grant Program aimed at reimbursing users affected by a recent security breach that saw more than $8 million drained from its liquidity pools.
Cetus Protocol Relaunches After $223 Million DeFi Exploit, Restores Up to 99% Liquidity
Cetus Protocol, a decentralised exchange on the Sui and Aptos blockchains, has resumed operations after a major security breach on May 22, which resulted in a $223 million loss.
Japanese Senate Passes Major Crypto Brokerage Reform Bill
Japan’s House of Councillors, the Upper Chamber of the country’s parliament, has approved a significant amendment to the Payment Services Act, paving the way for sweeping reforms in the country’s cryptocurrency brokerage sector.
Argentine Anti-Corruption Office Clears President Milei in LIBRA Memecoin Scandal
Argentina’s Anti-Corruption Office (OA) has officially cleared President Javier Milei of any ethics violations related to his controversial social media post endorsing the Solana-based LIBRA memecoin.
Trending news
MoreCrypto prices
More
