SafeMoon files for Chapter 7 bankruptcy after exec arrests, SEC charges | Headlines | News | CoinMarketCap
12/15/2023 12:34
DeFi protocol SafeMoon filed for Chapter 7 bankruptcy protection on Thursday after the U.S. securities watchdog last month charged the firm for …
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Published on December 15, 2023 05:22 GMT+00:00edited on December 15, 2023 05:24 GMT+00:00
DeFi protocol SafeMoon filed for Chapter 7 bankruptcy protection on Thursday after the U.S. securities watchdog last month charged the firm for alleged fraud.
SafeMoon filed the voluntary petition for bankruptcy to the United States Bankruptcy Court in the District of Utah on Thursday. The document was signed by chief restructuring officer Kenneth Ehrler.
The filing shows that the firm, SafeMoon US LLC, has estimated assets in the range of $10 million to $50 million and estimated liabilities of $100,001 to $500,000.
The news comes after the Securities and Exchange Commission last month charged the firm and its executive team for alleged fraud and unregistered offering of crypto securities. The agency said SafeMoon’s three executives — Kyle Nagy, John Karony and Thomas Smith — failed to …