SafeMoon

SafeMoon LLC was an American cryptocurrency and blockchain company that was created in March 2021. Their cryptocurrency token was called SafeMoon (SFM) and it was on a blockchain called Binance Smart Chain. The token charged a 10% fee on every transaction: 5% was sent to people who already had SafeMoon tokens, and 5% was sent to digital wallets controlled by SafeMoon's creators. The token reached its highest value in April 2021, but shortly after it lost most of its value.

In November 2023, the US Securities and Exchange Commission (SEC) and Department of Justice (DoJ) charged SafeMoon's main team with fraud. They said the main team took over $200 million out of SafeMoon which they were not meant to, and used it to buy expensive houses and cars.

In December 2023, SafeMoon filed for bankruptcy and the company shut down. The token cannot be bought or sold anymore.

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Category:Cryptocurrency