• Top executives of SafeMoon have been charged with fraud.
• The token has fallen by almost 100% in less than a week.

There’s still ongoing discussion surrounding SafeMoon [SFM] and the various issues it appears to be facing. Amidst all this, the token appears to be the most severely affected.

Read SafeMoon’s [SFM] Price Prediction 2023-24

SEC charges SafeMoon and executives

On 1 November, the Securities and Exchange Commission (SEC) made an announcement, revealing that it had filed charges of fraud against SafeMoon and its top executives.

The SEC’s allegations include deceiving the public by falsely claiming that funds were locked during the token’s launch. They also accused the executives of engaging in wash trading to create a false impression of trading activity. 

Furthermore, the executives were charged with misappropriating funds and spending them extravagantly.

As a result of the revelation that the funds were not locked, the token’s market capitalization plummeted from over $5.7 billion. The official project account acknowledged these recent developments in a post.

How SAFE is the MOON?

If there were any hopes for SafeMoon to make a recovery, the recent developments could potentially mark the final blow. AMBCrypto’s analysis of the daily timeframe chart showed that the token had been on a positive price run.

However, this upward momentum came to an abrupt halt on 1 November.

Go to Source to See Full Article
Author: Adewale Olarinde

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