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Fortune

Marco Quiroz-Gutierrez

SEC says SafeMoon executives withdrew $200 million from crypto project to spend on McLarens and luxury homes

SEC Crypto Luxury Thomas Smith

(Credit: Photo Illustration by Fortune)

The company behind SafeMoon promised astronomical returns, but instead the cryptocurrency imploded mid-flight. And now those behind the controls are facing the consequences.

In a Wednesday complaint, the Securities and Exchange Commission charged the company behind the coin, SafeMoon LLC, along with creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith, with violating securities laws in "a massive fraudulent scheme."

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