Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
The U.S. Securities and Exchange Commission has charged SafeMoon and its executive team with perpetrating a fraudulent scheme through an unregistered securities sale.
"Unregistered offerings lack the disclosures and accountability that the law demands, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit , referring to SafeMoon creator Nagy. The agency also accused CEO John Karony and Chief Technology Officer Thomas Smith in the fraud.
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