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- High executives of SafeMoon have been charged with fraud.
- The token has fallen by virtually 100% in lower than per week.
There’s nonetheless ongoing dialogue surrounding SafeMoon [SFM] and the assorted points it seems to be going through. Amidst all this, the token seems to be probably the most severely affected.
Learn SafeMoon’s [SFM] Price Prediction 2023-24
SEC expenses SafeMoon and executives
On 1 November, the Securities and Trade Fee (SEC) made an announcement, revealing that it had filed expenses of fraud in opposition to SafeMoon and its prime executives.
The SEC’s allegations embody deceiving the general public by falsely claiming that funds have been locked in the course of the token’s launch. In addition they accused the executives of partaking in wash buying and selling to create a misunderstanding of buying and selling exercise.
Moreover, the executives have been charged with misappropriating funds and spending them extravagantly.
Because of the revelation that the funds weren’t locked, the token’s market capitalization plummeted from over $5.7 billion. The official undertaking account acknowledged these current developments in a publish.
How SAFE is the MOON?
If there have been any hopes for SafeMoon to make a restoration, the current developments might doubtlessly mark the ultimate blow. AMBCrypto’s evaluation of the day by day timeframe chart confirmed that the token had been on a constructive value run.
Nonetheless, this upward momentum got here to an abrupt halt on 1 November.
On that day, the chart mirrored a big drop of 53.71% within the token’s worth. Subsequent days didn’t deliver any aid, with declines of 28.98% and 21.03% on the next days.
Additionally, on the time of writing, SFM was nonetheless on a downward trajectory, experiencing a lack of over 2% in worth. Moreover, the persistent promoting stress has pushed the Relative Energy Index (RSI) under 25.
This signaled that the token was within the oversold zone and indicated a robust bearish pattern.
How a lot are 1,10,100 SFMs worth today?
Hackers proceed to carry onto funds
SafeMoon had initially skilled an exploit in March, leading to a big internet lack of $8.9 million. The exploit concerned the switch of 32 billion SFM tokens from SafeMoon’s liquidity pool tackle to SafeMoon’s deployer tackle.
This led to an instantaneous surge within the token’s worth, and the exploiter capitalized on this value improve. This was performed by swapping a portion of the SFM tokens for Binance Coin [BNB] at an inflated value.
In the end, 27,380 BNB have been transferred to the hacker’s tackle. As of press time, these funds haven’t been efficiently recovered.
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