Key Points:
Cyvers Alerts has detected abnormal transactions involving SafeMoon. Details indicate that an individual, termed a deployer, added an address to the system as an ‘approveLiquidityPartner’.
Following this, the deployer proceeded to remove liquidity from a multitude of liquidity pools. The act resulted in the transfer of a substantial $11.2 million worth of liquidity to other addresses on the Ethereum, BNB, and Polygon blockchains.
The company officially filed for Chapter 7 bankruptcy protection at the United States Bankruptcy Court situated in the District of Utah on December 14.
The voluntary petition was submitted by attorney Mark Rose, with Chief Judge Joel T. Marker being assigned to oversee the proceedings.
SafeMoon (SFM) experienced a sharp decline of over 50% at the time of the announcement. At present, the memecoin’s value has plummeted, down 98.11% from its highs in January 2022.
Readmore: SafeMoon fraud charges by SEC and Unregistered Crypto Offering
CoinCu reported on November 1, that the SEC (Securities and Exchange Commission) had filed fraud charges against SafeMoon LLC. This charge extends to its creator Kyle Nagy, as well as executives John Karony and Thomas Smith.
The SEC alleges that these individuals were involved in the unregistered sale of the SafeMoon cryptocurrency. Furthermore, the SEC claims that these individuals promised to increase the token’s price.
However, their actions instead led to a significant drop in market capitalization. They also reportedly withdrew over $200 million in crypto assets and misused investor funds.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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