Crypto Firm SafeMoon Files for Chapter 7 Bankruptcy, SFM Plunges 42%

Crypto company SafeMoon filed for Chapter 7 bankruptcy on Thursday, as its executives face criminal charges in the U.S. SafeMoon, which is affiliated with a token by the same name, said it has between 50 and 99 creditors, anywhere between $10 million and $50 million in assets, and owes between $100,000 and $500,000, according to a filing in the Utah Bankruptcy Court. Chapter 7 bankruptcies result in a debtor’s assets being liquidated to repay creditors. SafeMoon’s executives were arrested last month by U.S. officials on charges of securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy.

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