SFM Plunges as SafeMoon Files for Chapter 7 Bankruptcy

Moon is facing both civil and criminal allegations from the US SEC and the US Department of Justice. Um As you mentioned, the CEO and Chief Technology Officer were arrested last month on charges of uh you know, the securities and wire fraud. Uh there allegedly stole millions from their investors, lied to their investors and misappropriated those funds for personal use. So those are the criminal charges. The SEC likewise uh alleging that uh they misappropriated some, I think about 200 million or so in funds uh from their investors. And um also clear alleging that the Safe and Token is an unregistered security. So all of that leads up to last night, Safe Moon, the company uh filed for chapter seven bankruptcy. So this is the liquidation bankruptcy. They plan to sell the assets. So Kyle Nagy, he, he was the creator of Safe Moon. He's still uh free. Correct? I mean, did, did they find him at last? I remember he was uh they didn't know where he was. Yeah. So they announced when they arrested the other two that he was still at large. I haven't seen any announcement saying that they have located or arrested him yet. So, uh, yeah, it looks like he's still at large but he is also charged and so the DOJ definitely wants to find him and, uh, say it alone.