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The US government has charged executives of SafeMoon cryptocurrency over allegations of “conspiracy to commit securities fraud, conspiracy to commit wire fraud and money laundering.” The arrest of the Safemoon executives came after the US Securities and Exchange Commission (SEC) unveiled charges against them on Wednesday morning.

The indictment of John Karony, Kyle Nagy, and Thomas Smith was unsealed on Wednesday, highlighting the Safemoon executives’ role in defrauding investors in a multi-million dollar scheme.

According to a press release published by the US Attorney’s Office, Eastern District of New York, both Karony and Smith have been arrested. Nagy however was still at large by the time of going to press.

Ivan J. Arvelo, Special Agent in Charge of Homeland Security Investigations, New York, said in a statement:

“As alleged, SafeMoon’s executives grew their company value to over $8 billion, but instead of rewarding their clients as promised, their insatiable greed led them to spend millions of dollars on their own lavish desires. Today, no luxury vehicles or sprawling real estate can protect them from the consequences of such crimes.”

Earlier the SEC had charged Safemoon creator Kyle Nagy, CEO John Karony, and Chief Technology Officer Thomas Smith with fraud and unregistered securities offering.  

“The Defendants promised to take the price of the token “Safely to the moon,” but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use,” the SEC’s complaint against Nagy, Karony and Smith read.

The price of Safemoon (SFM) plummeted after the news, with the token crashing by more than 50% to $0.00009142.

The post Safemoon price plummets 50% after executives arrested on fraud charges appeared first on Invezz

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