Big news in the world of cryptocurrency! A top person from a project called Safemoon admitted to cheating investors out of a lot of money – about $200 million! This is a serious crime.
- The Safemoon CTO (like a really important tech person) pleaded guilty to fraud.
- He misled investors about how much money Safemoon actually had.
- The government is charging the Safemoon leaders with breaking lots of financial laws.
- Safemoon is trying to start over with a new team and a new cryptocurrency.
| Fact | Number |
|---|---|
| Money stolen | $200 million |
| Maximum sentence for wire fraud | 20 years |
| Maximum sentence for securities fraud | 25 years |
They used the money to buy fancy things. The new Safemoon is going to be a 'memecoin' on Solana. Always be careful before investing in crypto!
