US Government arrests SafeMoon founders

[Bitstar_coin]

Today a federal court in Brooklyn unsealed an indictment against the founders of SafeMoon John Karony, Kyle Nagy & Thomas Smith, charging them with conspiring to commit securities fraud, wire fraud, and money laundering.

According to an article the "Defendants Allegedly Misappropriated Millions of Dollars of Investors’ Funds for Their Own Use, Including the Purchase of Luxury Vehicles, Real Estate, and Personal Investments".

This is very sad because bad acts like this put crypto in bad spot. Another reason why altcoins especially those huge supply shitcoins should not be considered as a long term investment. If you must invest,  let it be for a very short period.

Safemoon price after this news is already down by -28% and I assume this is just the beginning, once the news have spread around it will dip even further.

If you are an investor you should probably be selling because it seems this ship already sinking.

Source

[avikz]

I am not sure what sad you are seeing here! Safemoon is a shitcoin like thousand other shitcoins in the market which brings in zero utility and zero innovation. It is a typical shitcoin where only the creators gets rich and typically becomes an exit scam.

Cryptocurrency in general does not suffer bad reputation due to such incidents. Rather cryptocurrency market should feel a sense of getting a clean up. It should renew the reputation of cryptocurrency in front of the public eye. We do not need coins like safemoon exist in the market.

[PIMPdev]

Today a federal court in Brooklyn unsealed an indictment against the founders of SafeMoon John Karony, Kyle Nagy & Thomas Smith, charging them with conspiring to commit securities fraud, wire fraud, and money laundering.

According to an article the "Defendants Allegedly Misappropriated Millions of Dollars of Investors’ Funds for Their Own Use, Including the Purchase of Luxury Vehicles, Real Estate, and Personal Investments".

This is very sad because bad acts like this put crypto in bad spot. Another reason why altcoins especially those huge supply shitcoins should not be considered as a long term investment. If you must invest,  let it be for a very short period.

Safemoon price after this news is already down by -28% and I assume this is just the beginning, once the news have spread around it will dip even further.

If you are an investor you should probably be selling because it seems this ship already sinking.

Source

I think the FTX crash did put crypto in a lot worse spot than that. And LUNA crash. And a lot of other scams and crashes that are happening. And if that will make people buy Bitcoin instead of shitcoins - that's good.

[electronicash]

I am not sure what sad you are seeing here! Safemoon is a shitcoin like thousand other shitcoins in the market which brings in zero utility and zero innovation. It is a typical shitcoin where only the creators gets rich and typically becomes an exit scam.

Cryptocurrency in general does not suffer bad reputation due to such incidents. Rather cryptocurrency market should feel a sense of getting a clean up. It should renew the reputation of cryptocurrency in front of the public eye. We do not need coins like safemoon exist in the market.

its been a scam from the start. if i remember the tokens investors bought from their platform will remain in the platform until a certain time the team allows withdrawal. this token started during the last bull run but they were just being seen today by the SEC. they waited this long before taking action against this team.

under the watch of Gensler, more things are suspicious that one could tell he allowed this to happen like he has a share from the scam team.

[Wiwo]

This is one of the examples of the bad actors in the crypto space,  but then also since crypto is supposed to be trustees,  anyone who invests in a centralized project,  is automatically risking their investment,  and this is one of the few facts that most people out there doesn't understand about crypto investment and what to hold and where to hold them,  leaving your investment in the hand of a third party is a high risk that no one should ever try to and even if you will do you have to hold an amount that you can afford to lose.

Most of those crypto projects are all rebranded Ponzi scammers who are bent on giving the entire market some sort of bad public image in some cases and also having to be able to deceive people into investing in whatever scam they promote as projects and operating it within that specific time and appropriating investors money into personal projects and living a luxurious lifestyle with investors funds.

Although bad actors like this won't cease to exist but then we can increase our level of consciousness and how we take those centralized projects,  safemoon is one among millions of its likes in the industry so we have to try to stay safe out there.

[Sophokles]

I am not sure what sad you are seeing here! Safemoon is a shitcoin like thousand other shitcoins in the market which brings in zero utility and zero innovation. It is a typical shitcoin where only the creators gets rich and typically becomes an exit scam.

Cryptocurrency in general does not suffer bad reputation due to such incidents. Rather cryptocurrency market should feel a sense of getting a clean up. It should renew the reputation of cryptocurrency in front of the public eye. We do not need coins like safemoon exist in the market.

its been a scam from the start. if i remember the tokens investors bought from their platform will remain in the platform until a certain time the team allows withdrawal. this token started during the last bull run but they were just being seen today by the SEC. they waited this long before taking action against this team.

under the watch of Gensler, more things are suspicious that one could tell he allowed this to happen like he has a share from the scam team.

Investors should be more focused on the fundamentals of a project. This can be an example of someone making an investment by blindly following the influencer they follow. As far as I can remember in the last bull run when Doge and Shiba Inu were giving crazy ROI many new meme projects came to the market and their sponsor video was running on many influencer youtube channels. Safe moon was one of them and it was trending on twitter for a few weeks. Most of these investors were from shiba inu and other meme projects who booked their profits there and reinvest in other new meme projects after seeing the meme trend.

[DeathAngel]

I am not sure what sad you are seeing here! Safemoon is a shitcoin like thousand other shitcoins in the market which brings in zero utility and zero innovation. It is a typical shitcoin where only the creators gets rich and typically becomes an exit scam.

Exactly my thoughts here on this news. I am sick of seeing shitcoins drag bitcoin’s name through the mud through their bad actors & at worst outright scammers. I am no fan of the SEC & regulatory bodies but if they have to cleanse the whole space to allow bitcoin, eth & other good coins to grow then so be it.

[kentrolla]

It has become a routine now and it's good that these fraudsters are getting arrested but I would blame the investors who keep on investing into shit project which has nothing as a service to offer and just by looking at the name of the coin anyone can say it's a short term project dished out to naive users by using the current market trend (at that time), but this is like a drop in the ocean since only those who are looking for quick returns and taking risk would have been scammed compared to the damage which Sam Bankman-fried has caused to crypto industry with his FTX horror as people lost their lifelong savings as well. I feel we will see similar arrests often, I wish even those youtubers, telegram channels and social media influencers gets arrested who have played major role in this conspiracy just for few hundred dollars. Though government will use such opportunities to patronize crypto industry but these are necessary to avoid scams.

[wallet4bitcoin]

This is not a good news for Safemoon as its still struggling to rally back up in its price. I see no reason why its Founders should be apprehended when they did not rugpull, farmor compromise investors wallets or funds. Everyone knows Safemoon is one of the most successful memecoin that caught the attention of investors after Dogecoin did. The crypto space has its ups and downs and everyone in this space knows this. Those investing blindly have themselves to blame as its always said that investors should do their own research before investing.

Aside founders who runaway with people's funds under different guises, I don't see why they should be target for the Feds.