SafeMoon, a project whose goal was to “safely” moon a token – mostly by preventing holders from cashing out with large fees – plummeted once investors found out that the investment pools were not actually locked as promised within the same month that the project reached a market cap of $5.7 billion.
Founders’ Trial Underway
According to court documents, prosecutors believe that SFM tokens were actually used to fund a life of luxury for those at the helm of the project.
“As alleged, the defendants deliberately misled investors and diverted millions of dollars to fuel their greedy scheme and enrich themselves by purchasing a custom Porsche sports car, other luxury vehicles, and real estate.”
This opinion is strengthened by the smart contract exploit worth nearly $9 million suffered by the project earlier this year, which many believe was an inside job.
According to prosecutors, founders Kyle Nagy, Thomas Smith, and Braden John Karony have committed securities fraud. Karony
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