SunCrypto, one of the prominent crypto exchanges in India, has made a significant decision regarding the SafeMoon (SFM) token, a cryptocurrency previously available on its platform. This decision is aimed at safeguarding the interests of our users and maintaining transparency within our services.
Effective 20th January at 24:00 (IST), SunCrypto will officially delist the SafeMoon (SFM) token from its exchange platform. This decision has been prompted by recent developments surrounding the SFM token that have raised concerns about its reliability and legitimacy.
Reasons Behind Delisting
SafeMoon, the entity behind the SFM token, encountered distressing challenges in recent times. On 14th December, SafeMoon filed for Chapter 7 bankruptcy. Simultaneously, several executives, including CEO John Karony, CTO Thomas Smith, and creator Kyle Nagy, have faced severe legal issues. Allegations against them involve charges of securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy.
The U.S. officials have taken action, arresting some executives, while others, including Kyle Nagy, have been charged but not yet apprehended. These developments have raised significant concerns regarding the misappropriation of investor funds and false representations made to customers.
Additionally, SafeMoon is currently embroiled in a lawsuit filed by the US Securities and Exchange Commission (SEC) on allegations of fraud and violations of securities laws. These legal challenges have cast a shadow on the integrity and stability of the SFM token.
Users are encouraged to note that the selling of SFM tokens is available on SunCrypto until the delisting date of 20th January at 24:00 (IST). However, please be informed that selling SFM tokens will cease after the delisting of the SFM token from our platform.
Although selling will halt after the delisting, the withdrawal of SFM tokens will remain available after the delisting date. Users can withdraw their SFM token holdings to their personal wallets or transfer them to other compatible platforms. We recommend users take necessary actions to safeguard their assets and consider withdrawing their SFM tokens before or after the delisting date.
SunCrypto remains committed to providing a secure and reliable trading environment for our users. The decision to delist the SafeMoon (SFM) token stems from our dedication to ensuring the integrity and trustworthiness of the cryptocurrencies available on our platform.
We understand the importance of transparency and will continue to prioritize the safety and interests of our users above all else. For further inquiries or assistance regarding this delisting, please reach out to our customer support team.