SafeMoon
Cryptocurrency technology company and token / From Wikipedia, the free encyclopedia
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SafeMoon LLC was a cryptocurrency and blockchain company created in March 2021.[2] The company also has a SafeMoon token (SFM) which trades on the BNB Chain blockchain.[3][4][5] The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors.[6][7] The token reached its all time high market cap in April 2021 of $17b. As of December 2022, it has since dropped 98.7% in value to $223m.[8]
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Founded | 2021 |
---|---|
Defunct | 2023 |
Headquarters | |
Area served | Global |
Key people | Braden John Karony (CEO) |
Products | Cryptocurrencies |
Number of employees | 100+[1] |
Website | www |
The SafeMoon company has released a minimal-function cryptocurrency wallet and has announced plans to release other cryptocurrency products. The company and the token have been the subject of several controversies since conception; by being compared to a ponzi-scheme, not delivering on products, having multiple class-action lawsuits filed against them, and facing serious fraud allegations. In November 2023, the SEC and the DoJ charged SafeMoon and its executive team with fraud, the unregistered offering of securities, and money laundering.[9][10]