The token of decentralized finance protocol SafeMoon (SFM) has fallen 31% in five hours after the company filed for bankruptcy.

Safemoon officially applied for Chapter 7 bankruptcy protection in a Dec. 14 filing to the United States Bankruptcy Court in the District of Utah, . The voluntary petition was filed by attorney Mark Rose with Chief Judge Joel T. Marker assigned to the case.

Today’s bankruptcy filings in the U.S. Bankruptcy Court District of Utah. Source: U.S. government

A screenshot of a letter to employees allegedly written by the firm’s chief restructuring officer surfaced on Reddit, explaining that its bankruptcy run was why it was no longer able to pay employee wages…

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