The company behind the SafeMoon cryptocurrency scam has filed for Chapter 7 bankruptcy. Screenshots circulated on Twitter of a letter to employees citing “a number of operational and financial challenges”, likely referring to — oh, I don’t know — maybe the whole criminal indictment against SafeMoon’s founders and executives and simultaneous civil lawsuit from the SEC.
Although SafeMoon claimed to have created a token that would “safely go to the moon”, executives allegedly siphoned millions of dollars of investor funds to spend on personal expenses including luxury cars and real estate.
In the bankruptcy filing, SafeMoon has claimed to have 50–99 creditors, between $10 and $50 million in estimated assets, and $100,000 to $500,000 in estimated liabilities.
Chapter 7 Voluntary Petition
, filed in the US Bankruptcy Court, D. Utah
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