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chemgear · 12-16-2023, 10:09 AM

https://www.coindesk.com/policy/2023...fm-plunges-42/

Crypto Firm SafeMoon Files for Chapter 7 Bankruptcy, SFM Plunges 42%

The firm's executives were arrested last month on multiple charges.

Chapter 7 bankruptcies result in a debtor’s assets being liquidated to repay creditors. Unlike the Chapter 11 bankruptcies other crypto companies have filed under, there’s usually no intent to restructure and relaunch the company.

SafeMoon’s executives were arrested last month by U.S. officials on charges of securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy tied to allegations that CEO John Karony, CTO Thomas Smith and creator Kyle Nagy misappropriated millions in investor assets and lied to customers.

12-16-2023, 10:09 AM	#2807
chemgear Franchise Player Join Date: Feb 2010 Exp:	https://www.coindesk.com/policy/2023...fm-plunges-42/ Crypto Firm SafeMoon Files for Chapter 7 Bankruptcy, SFM Plunges 42% The firm's executives were arrested last month on multiple charges. Chapter 7 bankruptcies result in a debtor’s assets being liquidated to repay creditors. Unlike the Chapter 11 bankruptcies other crypto companies have filed under, there’s usually no intent to restructure and relaunch the company. SafeMoon’s executives were arrested last month by U.S. officials on charges of securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy tied to allegations that CEO John Karony, CTO Thomas Smith and creator Kyle Nagy misappropriated millions in investor assets and lied to customers.