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 created the SafeMoon token (SFM) which traded on the BNB Chain blockchain.[3][4][5] The token charged 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 had dropped 98.7% in value to $223m.[8]
This article needs additional citations for verification. (September 2022) |
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 released a minimal-function cryptocurrency wallet and announced plans to release other cryptocurrency products. The company and the token have been the subject of several controversies: having been 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]