SafeMoon
| Formation | 2021 |
|---|---|
| Headquarters | Pleasant Grove, Utah, US |
| Products | Cryptocurrencies |
Key people | Braden John Karony (CEO) |
| Website | https://www.safemoon.com |
SafeMoon LLC was an American cryptocurrency and blockchain company that was created in March 2021.[1] Their cryptocurrency token was called SafeMoon (SFM) and it was on a blockchain called Binance Smart Chain. The token charged a 10% fee on every transaction: 5% was sent to people who already had SafeMoon tokens, and 5% was sent to digital wallets controlled by SafeMoon's creators.[2][3] The token reached its highest value in April 2021, but shortly after it lost most of its value.[4]
In November 2023, the US Securities and Exchange Commission (SEC) and Department of Justice (DoJ) charged SafeMoon's main team with fraud.[5] They said the main team took over $200 million out of SafeMoon which they were not meant to, and used it to buy expensive houses and cars.[6][7]
In December 2023, SafeMoon filed for bankruptcy and the company shut down.[8] The token cannot be bought or sold anymore.
References
[change | change source]- ↑ DeCambre, Mark. "Why is crypto SafeMoon trending, and why is Dave Portnoy using it to diversify his bitcoin exposure?". MarketWatch. Retrieved 2023-04-10.
- ↑ Harper, Christopher (2021-04-23). "What is SafeMoon - The new cryptocurrency and how it compares to DogeCoin". BirminghamLive. Retrieved 2023-04-10.
- ↑ Ostroff, Caitlin. "Dogecoin's 12,000% Rally Spurs Hunt for Next Crypto Winner". WSJ. Retrieved 2023-04-10.
- ↑ "To the Moon: How One Cryptocurrency Made People Millions Overnight". www.vice.com. Retrieved 2023-04-10.
- ↑ "SEC Charges Crypto Company SafeMoon and its Executive Team for Fraud and Unregistered Offering of Crypto Securities". Securities and Exchange Commission. Retrieved 1 November 2023.
- ↑ Quiroz-Gutierrez, Marco (1 November 2023). "SEC says SafeMoon executives withdrew $200 million from crypto project to spend on McLarens and luxury homes". Fortune. Retrieved 2 November 2023 – via AOL.com.
- ↑ Stempel, Jonathan (1 November 2023). "SafeMoon executives charged in US with fraud related to crypto token". Reuters. Retrieved 6 May 2024.
- ↑ "Utah crypto company files for bankruptcy amid federal fraud accusations".