CEO of Safemoon remains in jail

Safemoon CEO's bail revoked due to 'risk of absconding.' The crypto project Safemoon allegedly embezzled money from customers.

The former Safemoon director remains in jail for now. The court has now revoked bail of US$500,000. The reason given was a strong suspicion that he would flee. The detainee allegedly had significant financial resources and contacts abroad.

The release order was issued "without regard to the defendant's considerable financial resources and ability to flee", the prosecution explained, and was therefore "insufficient to ensure the defendant's continued appearance and the safety of those around him".

In doing so, the court also named the defendant's alleged fraudulent acts, access to substantial financial resources, frequent international travel, complete lack of ties to the United States and extensive ties to foreign countries without an extradition order.

Safemoon was detained by investigative authorities last week. The founder, CEO and CTO are charged with securities fraud, money laundering and fraud. According to the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice, they allegedly embezzled $200 million in customer funds.