Crypto firm SafeMoon filed for chapter 7 bankruptcy with the United States Bankruptcy Court of Utah State yesterday, the Crypto Times reported. Safemoon’s chapter 7 bankruptcy filing represents the voluntary liquidation of the company, which has an estimated asset value of $10 million to $50 million. The bankruptcy filing comes nearly a month after the U.S. SEC accused Safemoon of fraud and security law violations. On November 2, the SEC charged Safemoon executives for $200 million of project development funds, which they allegedly used for personal expenses and investments. Following the bankruptcy filing, the project’s SFM token dropped over 50% in the past 24 hours, with its market cap dropping to merely $18 million, which once peaked at $1 billion in February 2022, according to market data from Coinmarketcap.
