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SafeMoon and executive team members, like Kyle Nagy, were indicted in the Eastern District of New York in connection to an international multi-million dollar fraud scheme. On Nov. 1, the U.S. Securities and Exchange Commission (SEC) charged Braden John Karony, Kyle Nagy and Thomas Smith with conspiracy, fraud and money laundering over their involvement in SafeMoon. According to the SEC, the token was offered as unregistered crypto asset securities . The three stand accused of using their roles as founder , CEO, and CTO respectively to inflate SafeMoon toward a $5.7 billion market cap through wash trading, deceptive marketing and misleading statements about liquidity lock-up timelines. Per the SEC complaint, SafeMoon’s executive team promised to take the token “Safe to the moon” while they withdrew $200 million from the project for personal expenses, such as purchasing sports cars and real estate.  SafeMoon’s price exploded by over 55,000% between March and April of 2021, and su...

A Curve Finance hack sparked a sharp sell-off, and while DeFi traders stepped in to support CRV, the possibility of a contagion-level event remains. On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language. The price of CRV dropped 20.91% on the day of the hack, falling to a two-month low of $0.58. On the next day, the decline in CRV continued to drop toward a seven-month low at $0.48 amid fears of liquid ation risks of hefty loans worth $100 million taken by Curve Finance founder Micheal Egorov against CRV as collateral. However, positive development with partial repayment of loans and significant negative bets in the derivatives market suggest that CRV may rally in the short term. The DeFi community comes to save CRV On Aug. 1, Egorov sold 39.25 million CRV tokens for stablecoins to a number of notable DeFi investors like Justin Sun, Machi Big Brother and DWF Labs for a total...