- The SEC has filed charges against the crypto and blockchain company SafeMoon, along with three of its executives.
- The defendants are accused of misappropriating more than $200 million in crypto assets.
- The CEO and CTO were allegedly involved in attempting to manipulate the market by making large purchases of SFM.
The U.S. Securities and Exchange Commission (SEC) has charged crypto and blockchain company SafeMoon, its founder Kyle Nagy, CEO John Karony, and Chief Technology Officer Thomas Smith for offering the unregistered sale of a crypto asset security, SafeMoon.
Today we charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the companies’ CEO, John Karony, and Chief Technology Officer, Thomas Smith, for perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security, SafeMoon.— U.S. Securities and Exchange Commission (@SECGov) November 1, 2023
The SEC claimed that the defendants promised to take the price of the token “to the moon”; however, they allegedly withdrew crypto assets worth more than $200 million. Furthermore, the defendants were accused of misappropriating investors’ funds for persona…
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