The defendants, Kyle Nagy, Thomas Smith and Braden Karony are accused of using profits from the token’s creation, which spiked in value as much as 19,000% in 2021, to buy high-end cars and real estate. According to prosecutors, Smith and Karony were arrested, while Nagy remains at large.
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SafeMoon Developers Charged with Fraud
The Securities and Exchange Commission and Department of Justice filed a lawsuit against the founders of SafeMoon, a cryptocurrency once promoted by sports media personality Dave Portnoy. So reports The New York Post.
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