2024-02-14
SafeMoon is a DeFi protocol built on BNB Chain. The products of SafeMoon including SafeMoon Swap and SafeMoon Bridge.
On Nov 1, 2023 SafeMoon’s founder Kyle Nagy, the CEO John Karony, and CTO Thomas Smith have been charged by the U.S. Department of Justice with running a fraud that diverted tens of millions of investors’ funds.
They have been charged with conspiring to commit securities fraud, wire fraud and money laundering.
SafeMoon US, LLC filed the Chapter 7 bankruptcy on Dec. 14, 2023 in the U.S. Bankruptcy Court for the District of Utah.
SafeMoon token advertise itself as a deflationary token that has mechanism to increase the value of the tokens for investors over time.
Om Feb 9, 2024 during the court hearing in New York, the CEO of bankrupt crypto firm SafeMoon, Braden John Karony, has been released on bail by Magistrate Judge Taryn Merkl using a $3 million bond.
He will get detention at his parents’ home in Utah. His parents signed to be his custodians. He will use electronic monitoring devices while he is being released. The court also ban his crypto promotional activities. SafeMoon’s case is still going on.
