Safemoon (SFM) stock price collapses

The promise to investors with the project name "Safemoon" does not seem to be coming true. The direction of SFM is going downhill with a 44 percent drop in one day. The most likely reason for the rapid price drop is the company's bankruptcy filing on Thursday, Dec. 14.

Screenshots circulated on Reddit claiming that the company was no longer able to pay salaries to employees. The Memecoin project has been sitting for a while in trouble. The management team was indicted in November. They allegedly embezzled money from customers and pleaded guilty to money laundering and securities fraud. According to the indictment, US$200 million was allegedly stolen for private purposes.