Safemoon team arrested for fraud

www.reuters.com...

NEW YORK, Nov 1 (Reuters) - The founder and two top executives at SafeMoon, whose namesake crypto token was once valued at more than $8 billion, have been charged by the U.S. Department of Justice with running a fraud that diverted tens of millions of investor dollars so they could buy luxuries and line their pockets.

An indictment unsealed on Wednesday in Brooklyn charged founder Kyle Nagy, 35; Chief Executive Braden John Karony, 27; and former Chief Technology Officer Thomas Smith, 35, with three criminal counts each of conspiring to commit securities fraud, wire fraud and money laundering.

I have a personal reason for smiling while posting this. Yes, I bought into the hype early on. I invested a little money in this turd-coin, and was duped badly. At a point in the middle of the grift, the owners decided to create a new version of the coin. In order to know all the facts, you had to be part of their redit community. I was not at the time. They created their own wallet. It was nice. I downloaded it. Then I decided to move my safemoon tokens to the safemoon wallet. I don't know why I thought this would work, but I did. Well, they made a 100% tax on anyone who moved the tokens without doing some conversion process. The process I knew nothing about. (I was not alone) It wasn't a fortune, but it was enough to piss me off. They stole it from me. They stole it from a bunch of folks. And the real pisser, is the people the stole from, all believed in the scam they were running. We all thought this could turn into something. Well, it did.

It turned into a crime. And now the key players are going to pay for the crime they perpetrated. (at least I hope so) The coin price tanked yesterday after news of this got out. Didn't bother me at all, as I had already lost all mine. So watching the slow failure, then the implosion was actually enjoyable. I feel bad for all those who stuck to it and kept believing. But John Karony, you sir, will have a nice time with Bubba. Remember to kiss him on the ear before he starts. I hear it calms him down.

a reply to: network dude

And of course they put "Safe" in the name of the coin, likely planning from the beginning to simply steal from people who invested. Glad they have been arrested and sorry to hear you were one of the many victims of this crypto fraud.

Will be interesting to see what happens to SBF. Of course he will get special treatment as he has all along for being the largest democratic campaign donor and being connected to the swamp creatures in DC.

a reply to: network dude

I dabble in crypto a little bit but I am not an expert by any stretch.
It seems a lot of them could turn out to be scams.

a reply to: RazorV66

Indeed, many are. Tether is another one that was supposedly backed by USD 1-for-1 but isn’t and is a ticking time b0mb

99% of people peddling crpyto should be jailed for fraud. Almost all are scams.

a reply to: RazorV66

I don't know much, but I bought into coins that have a utility. Meme coins seem like easy scams.
But I did listen to the old adage about not investing more than you could afford to loose.

The whole premise of safemoon was the longer you hold it, the more reflections you would see and eventually, you would gain a bunch. It all sounded solid. Until you factor in the owners treating the liquidity pool as their own slush fund. So the jury is still out of the concept of this coin. But they had fun while it lasted I'm sure.

a reply to: network dude

They forgot the old adage: Don't steal. The government hates competition.

That is why the first rule of investing is never invest more than you can afford to lose. With all the thousands of cryptocurrencies that are available to buy we are going to keep seeing this until regulators get involved.

I buy crypto too, but only coins that are already up to the ISO20022 standards. Essentially anything to do with future banking. Decentralized or not, my opinion is those coins are already chosen to succeed.

a reply to: network dude

I heard about this scam and their dubious coin months ago...maybe even a year ago. Coffeezilla did a great exposé on youtube and somehow they made it this long still. If you've never seen his content its pretty well made and he is very thorough with his investigations...worth a watch for sure.

a reply to: network dude

Don't feel bad.

I wanted to buy $100 worth of bitcoin when it was first released. My wife didn't think I needed to "waste the money," so I didn't.

DAMMIT!!!!!

originally posted by: AwakeNotWoke
a reply to: network dude

Don't feel bad.

I wanted to buy $100 worth of bitcoin when it was first released. My wife didn't think I needed to "waste the money," so I didn't.

DAMMIT!!!!!

in her defense, what would you have done with millions of extra dollars? Yea, probably bad things. See, she saved you.

originally posted by: FamCore
a reply to: RazorV66

Indeed, many are. Tether is another one that was supposedly backed by USD 1-for-1 but isn’t and is a ticking time b0mb

I believe I have Tether in my portfolio. I need to double check.

a reply to: network dude

Make Caning Great Again.

I love how the concept of non-tangible currencies have become valuable.
Digital is still the path forward, albeit not the correct path.

But alas, people still tell themselves otherwise.
And lose money.