SafeMoon Crypto Token Founders Spent Investor Cash on Homes, Cars, Suit Claims

The people behind the crypto token SafeMoon — which once boasted a 19,000% price gain amid a 2021 crypto frenzy — were accused by federal prosecutors Wednesday of using millions of dollars of investors funds to buy luxury homes and McClaren sports cars.

The US Department of Justice and Securities and Exchange Commission sued the founders of the the crypto token SafeMoon in federal court in Brooklyn, alleging that they defrauded investors in the once-popular token. Prosecutors said that they diverted and misappropriated millions of dollars’ worth of SafeMoon.