CEO of Crypto Company SafeMoon Arrested for Alleged Fraud and Misuse of Investor Funds
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Utah CEO of SafeMoon crypto company arrested on fraud charges by federal prosecutors. He and 2 other executives allegedly lied to investors and misused millions of dollars.
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SafeMoon executives claimed to "lock" assets to add value for investors, but actually withdrew funds for personal use like sports cars and vacations.
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Company value grew to $8 billion but plummeted after anonymous warnings of executives' ability to take funds.
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Executives continued to assure investors money was safe after value dropped, while allegedly manipulating market.
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Early supporter Dave Portnoy said he fell for the "scheme" after previously investing in SafeMoon and tweeting it could be a "scam."