ReportWire

Tag: Meme coins news

  • SafeMoon Executives Face DOJ Arrests And SEC Charges – SFM Plummets More Than 50%

    SafeMoon Executives Face DOJ Arrests And SEC Charges – SFM Plummets More Than 50%

    [ad_1]

    The US Securities and Exchange Commission (SEC) recently announced charges against SafeMoon, its creator Kyle Nagy, the company’s CEO, John Karony, and CTO, Thomas Smith. 

    The SEC alleges that these individuals orchestrated a “massive fraudulent scheme” involving the unregistered sale of SafeMoon (SFM), a “crypto asset security” as defined by the SEC. 

    Per the complaint, instead of delivering the promised profits and taking the token “Safely to the Moon,” the defendants allegedly wiped out billions in market capitalization, misappropriated investor funds, and withdrew over $200 million in crypto assets for personal use.

    On this matter, David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit, emphasized the need for caution in the decentralized finance (DeFi).

    SEC Charges SafeMoon And Executives 

    According to the complaint, Kyle Nagy assured investors that funds in SafeMoon’s liquidity pool were safely locked and inaccessible to anyone, including the defendants. 

    However, according to the SEC’s investigations, large portions of the liquidity pool were never locked, and the defendants allegedly misappropriated millions of dollars, indulging in extravagant purchases such as McLaren cars, luxury homes, and lavish travel.

    The SEC’s complaint reveals that SFM’s price skyrocketed by over 55,000 percent before plummeting nearly 50 percent when the public discovered that the liquidity pool was not locked as claimed. 

    Notably, Karony and Smith allegedly used misappropriated assets to manipulate the market and prop up SafeMoon’s price through wash trading.

    The SEC’s complaint, filed in the US District Court for the Eastern District of New York, charges the defendants with violating registration and anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. 

    Indictment Unsealed Against Executives For Securities Fraud

    An indictment was also unsealed in federal court in Brooklyn, charging Braden John Karony, Kyle Nagy, and Thomas Smith with conspiracy to commit securities fraud, wire fraud, and money laundering conspiracy. Breon Peace, United States Attorney for the Eastern District of New York, announced the arrests and charges.

    United States Attorney Peace emphasized the commitment to pursuing fraudsters in the digital asset space, stating that their “ill-gotten gains” would not protect them from justice. 

    Ivan J. Arvelo, Special Agent-in-Charge of Homeland Security Investigations, New York, highlighted the “relentless pursuit” of individuals exploiting investors and the financial system for personal gain. 

    It is noteworthy that the charges in the indictment are allegations, and the defendants are presumed innocent until proven guilty.

    SFM Token Crashes To Lowest Trading Price Since Launch

    Following the recent disclosure of the news, SFM has experienced a significant crash, plummeting by over 52%. Currently, the token is trading at $0.00009142, marking its lowest trading price since its launch in 2022. This substantial decline of over 72% within the past year underscores the severity of the case.

    SFM’s crash in recent hours on the daily chart. Source: SFMUSDT on TradingView.com

    Furthermore, when examining other time frames, the token has seen declines of 49%, 34%, and 24% over the past seven, fourteen, and thirty days, respectively. These figures highlight the ongoing downward trend and emphasize the magnitude of the situation.

    Featured image from Shutterstock, chart from TradingView.com

    [ad_2]

    Ronaldo Marquez

    Source link

  • Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

    Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

    [ad_1]

    In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of rug pulls over the past few hours.

    Rug pulls, a form of cryptocurrency scam, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.

    Multiple Rug Pulls Shake Crypto Market On Halloween

    According to PeckShield’s X (formerly Twitter) post, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72…5871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH. 

    It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.

    Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72…5871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH. 

    MEMEPAD’s rug pull. Source: MEMEPAD on TradingView.com

    Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.

    Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline. 

    The address 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.

    Fantom Foundation Funds Vanish

    In alarming events, the Fantom (FTM) Foundation finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation’s finances, leaving the organization with substantial losses.

    The first incident occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately $7 million worth of cryptocurrencies, equivalent to around 4,500 ETH.

    Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the “Fantom Foundation Drainer,” executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH. 

    The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes. 

    The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents. 

    Crypto
    FTM’s token uptrend over the past 30 days on the daily chart. Source: FTMUSDT on TradingView.com

    Despite recent developments, the native token of the Fantom protocol, FTM, is trading at $0.2388, reflecting a 1% increase in the past 24 hours. 

    Notably, the token has experienced a substantial surge across various time frames. Presently, it has maintained an upward trend, with gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively. 

    Over the year-to-date period, the token has recorded a 5% increase. These figures indicate the token’s positive performance and growth trajectory.

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link