On December 14, cryptocurrency and blockchain company SafeMoon filed for Chapter 7 bankruptcy protection at the United States Bankruptcy Court in Utah, leading to more than a 50% decline in its native token value. The filing cited the company’s inability to pay employee wages, just one month after the U.S. Securities and Exchange Commission (SEC) charged SafeMoon and its executives with violating securities laws, describing their operations as a “massive fraudulent scheme.”
SafeMoon Crashes by Over 50% as It Files for Chapter 7 Bankruptcy
