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The SEC has charged crypto company SafeMoon with offering crypto securities, and is also going after the executive team for alleged massive fraud.
It appears that Gary Gensler’s Security and Exchange Commission is at last putting at least some of its resources into going after crypto companies that appear to be fraudulent, even while it brings down LBRY, and continues to pour tax-payers money into pursuing the likes of Coinbase.
SafeMoon and execs charged
SafeMoon, which Crypto Daily warned against in August 2021, and which describes itself as “The web3 movement for everyone”, is not living up to what it purportedly set out to do. The SEC’s enforcement action, a description of which was published in a press release on the SEC site on Wednesday, accuses the crypto company of issuing unregistered securities.
Plenty of crypto companies could certainly be charged by the SEC of the same thing, at least in the eyes of chairman Gensler, but more significant is the fact that the SEC has charged the Safemoon executive team of committing very serious fraudulent activities.
Funds safely locked …
Creator of SafeMoon, Kyle Nagy, CEO John Karony and CTO Thomas Smith, have been charged with “wiping out billions in market capitalisation”, “withdrawing crypto assets worth $200 million”, and “misappropriating investor funds for personal use”.
The press release went on to describe how Safemoon was touted as having its funds “safely locked” by Nagy, who assured investors that they couldn’t be withdrawn by anyone, including the management team. Nevertheless, it is alleged that large par
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Author: Laurie Dunn
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