November 23, 2024

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SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy

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SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy

The token of decentralized finance protocol SafeMoon (SFM) has fallen 31% in five hours after the company filed for bankruptcy.

Safemoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” in a Dec. 14

Santiago Melgarejo, a former nonfungible token analyst and sales specialist for SafeMoon, said in reflection that the “warning signs were there” all along, notably when many of the employees were abruptly fired despite many of them working a month without pay.

SafeMoon was also exploited in March, resulting in a net loss of $8.9 million.

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