November 27, 2023
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December 15, 2023
SafeMoon filed for Chapter 7 bankruptcy due to operational and financial challenges.
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CEO John Karony and CTO Thomas Smith's arrests for defrauding customers preceded the bankruptcy filing.
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Earlier arrests led to the largest price decline of the year for SafeMoon.
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The cryptocurrency market reacted, suggesting the company operated on stolen funds.
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SafeMoon's price dropped by 17.79% to $0.000061 amid a week-long downtrend.
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The recent crash is the second biggest single-day decline, following the initial legal charges.
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Legal issues and financial challenges have significantly eroded SafeMoon's value.
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