The meteoric rise and subsequent plummet in the value of the SafeMoon Token, a crypto asset security, was caused by the fraudulent actions of SafeMoon LLC’s officers, the Securities and Exchange Commission said in a civil suit filed in federal court.
Between March and April 2021, the market value of the crypto assets increased by over 55,000% and was worth $5.7 billion, the complaint filed Wednesday in the US District Court for the Eastern District of New York said. But that price was fraudulently manipulated by SafeMoon’s creator, Kyle Nagy, chief executive officer, John Karony, and chief technology officer, Thomas …
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