SafeMoon Files for Chapter 7 Bankruptcy Following SEC Fraud Charges
Adekunle Joshua
DeFi protocol SafeMoon has filed for Chapter 7 bankruptcy protection
This move comes as the firm faces charges of fraud from the U.S. SEC
Chief restructuring officer Kenneth Ehrler has signed the voluntary petition
According to the bankruptcy filings, SafeMoon US LLC's estimated assets range from $10 million to $50 million, with liabilities falling between $100,001 and $500,000
The SEC has accused SafeMoon executives Kyle Nagy, John Karony, and Thomas Smith of misappropriating investor funds for personal use.
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