SEC Charges SafeMoon Team With Fraud, Offering Unregistered Crypto Securities

“Unregistered offerings lack the disclosures and accountability that the law demands, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit (CACU), referring to SafeMoon creator Nagy. The agency also accused CEO John Karony and Chief Technology Officer Thomas Smith in the fraud.