The author makes no representations as to the accuracy, completeness, or suitability of this information. The author has not received compensation for writing this article, other than from FXStreet.įXStreet and the author do not provide personalized recommendations. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author will not be held responsible for information that is found at the end of links posted on this page. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. It also does not guarantee that this information is of a timely nature. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. SFM first went down by nearly 52% in one day after the US DOJ and Securities and Exchange Commission (SEC) announced charges against the company and arrested its key executives. The plunge registered in the last 24 hours is the second biggest single-day decline. The crash added to the downtrend noted in the past week, which brought the coin down from $0.000080. SafeMoon price at the time of writing was down by 17.79%, trading at $0.000061. This impacted the price considerably back then, marking the single largest decline of the year, which is now followed by the crash observed in the past 24 hours. The founder at the time was at large but was later arrested and charged with defrauding their customers by spending investors' funds for personal use. While an official announcement is awaited, the crypto market bid goodbye to the company, stating that this was bound to occur as the company was operating on stolen funds.Įarlier in November, SafeMoon Chief Executive Officer (CEO) John Karony and Chief Technology Officer (CTO) Thomas Smith were arrested by the US Department of Justice.

This was confirmed on Friday after SafeMoon appeared on the filings page of the United States Bankruptcy Court District of Utah website. The message further stated that as a result of these challenges, the company could not continue its business operations and would be filing for Chapter 7 bankruptcy. Per the message, the Chief Restructuring Officer, Kenneth Ehrler, noted that SafeMoon had been facing a number of operational and financial challenges. SafeMoon began trending in the early hours of Friday after reports of an internal message discussing bankruptcy began making the rounds. The filing came a little over a month and a half after the US Department of Justice arrested key members of the company for defrauding their customers for millions of dollars. SafeMoon price took the brunt on Friday after the company seemingly collapsed and filed for bankruptcy. Earlier this year, SafeMoon's CEO and CTO were arrested by US DOJ for defrauding their customers.The bankruptcy was confirmed after SafeMoon LLC's name popped up on the US court website.SafeMoon price has been on a decline for the past week, falling from $0.000100 to $0.000061.

Safe moon price