DeFi meme coin SafeMoon’s SFM token has crashed by 50% after the firm behind the project filed for Chapter 7 bankruptcy.

SFM is currently trading at $0.00003270, down 49.6% in the last 24 hours and marking an all-time low for the cryptocurrency, per data from CoinGecko. 

SafeMoon US, LLC applied for Chapter 7 bankruptcy a in December 14 filing to the United States Bankruptcy Court for the District of Utah, made by attorney Mark Rose. The filing shows that the firm has an estimated 50-99 creditors, with estimated assets of between $10,000,001 and $50 million and estimated liabilities in the range of $100,001 to $500,000.

A post in the r/safemoon subreddit purported to show a letter from the firm’s chief restructuring officer, indicating that employees would need to file a claim in the bankruptcy case for unpaid wages.

The bankruptcy filing comes after the U.S. Department of Justice last month Go to Source to See Full Article
Author: Stephen Graves

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