SafeMoon Token Nosedives Following Chapter 7 Bankruptcy Filing

By: Eliza Bennet

Decentralized finance protocol, SafeMoon's token (SFM) nosedived 31% within just five hours of the company filing for Chapter 7 bankruptcy. SafeMoon's bankruptcy documents were officially submitted on December 14 to the United States Bankruptcy Court in the District of Utah. Following the filing, a screenshot of a letter supposedly penned by SafeMoon's chief restructuring officer came to light on Reddit. This letter cited the fledgling company's bankruptcy straits as the reason it had been unable to pay employee wages prior to filing for bankruptcy.