SafeMoon files for bankruptcy, sending SFM tumbling

SafeMoon filed for bankruptcy in Utah on Thursday.

The company filed for Chapter 7 bankruptcy, which essentially means that the bankruptcy is focused on liquidation to distribute to creditors. 

In the filing, SafeMoon said that it has property that needs attention including “cryptocurrency, intellectual property and other intangible assets.”

The assets are expected to be worth $10 to $50 million, with anywhere from $100,000 to $500,000 in estimated liabilities. 

It listed roughly 50 to 99 creditors in the filing.

The filing comes a little over a month after the US Securities and Exchange Commission filed a suit against both SafeMoon and some of its top executives. 

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