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In a surprising development, the decentralized finance protocol SafeMoon (SFM) witnessed a substantial 31% drop in its token value within a mere five hours of officially filing for Chapter 7 bankruptcy. This significant decline is compounded by a series of challenges, with a notable incident being the apprehension of key company members by the US Department of Justice on allegations of defrauding customers of millions of dollars.

 

On December 14, SafeMoon initiated Chapter 7 bankruptcy, commonly known as “liquidation bankruptcy,” causing ripples throughout the crypto community. The voluntary petition was filed by Attorney Mark Rose with the United States Bankruptcy Court in the District of Utah, and Chief Judge Joel T. Marker has been assigned to oversee the case.

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