I just read the news. Get out while you still can!
The Securities and Exchange Commission today charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the companies’ Chief Executive Officer, John Karony, and Chief Technology Officer, Thomas Smith, for perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security, SafeMoon. According to the SEC’s complaint, the Defendants promised to take the price of the token “Safely to the moon,” but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.
https://www.sec.gov/news/press-release/2023-229https://www.coindesk.com/policy/2023/11/01/sec-charges-safemoon-team-with-fraud-offering-unregistered-crypto-securities/Unregistered securities offering charge was given, anyone who followed their advertisement and their telegram chat, it was just a matter of time. It was like following a weird money cult.
And sadly people don't seem to understand that they didn't get sued just because the price went down. That was going to happen anyway as things don't just moon all the way. After it becomes obvious, people start selling to get out before they lose everything.
Hopefully that fraud charge added to the top will act as a warning. Sadly there are several other scams out there operating on same principle, but sec has time only for biggest ones.
And i am assuming that no one will learn from this. Not the investors or next pump moon token creators.