In the wake of an unexpected fall out, SafeMoon (SFM) recently experienced a deflating 31% drop in its token value within a mere five hours of filing for Chapter 7 bankruptcy. On December 14th, SafeMoon’s Chief Restructuring Officer released a notice outlining that the petition to liquidate had crippled the protocol’s capacity to pay its employee wages. Attached to this was an instruction to file claims against the company in the United States Bankruptcy Court located within the District of Utah. Taking precedence was an earning of grievances against the protocol by the US Dept. of Justice for circumstances involving the alleged errant exploitation of millions of dollars from customers. Additionally, the United States Securities and Exchange Commission (SEC) unsealed a violation of their investigations that adjudicated the lapses of protocol founder Kyle Nagy, CEO John Karony, and CTO Thomas Smith. Within a five hour span, SafeMoon’s future value traction summer-saulted from $0.000065 successively to a below market mark to $0.000045. While at $0.000061 at one point, it quickly dipped again at the most worth to date of $0.00005729. An arrogated letter on the widely-used site Reddit divulged this industry unrest that subtracted a total of $34.5 million from the one time market cups earnings totaling $1 billion, signaling close to a full 98.2% decrease. Infuriated investors rushed to Reddit both releasing toxic expressions and fear regarding what the future carries ambiguously. One user uttered their distress with Prospective suspicions”We Got rug-pulled.” This Sloan development debacle sought Curiosity on how such spectacular profits became sparse details.
