SEC Charges SafeMoon and Executive Team with Fraudulent Scheme and Misappropriation of Funds
SafeMoon and its executive team have been charged by the SEC for conducting a fraudulent scheme through an unregistered securities sale. The SEC's complaint alleges that the executive team withdrew over $200 million from the project and used investors' funds for personal gain. The agency accused SafeMoon creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith of fraud. The SEC also stated that SafeMoon's liquidity pool was not properly locked, and the team used funds to purchase luxury items and manipulate the market.
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