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SafeMoon launched in March 2021 on Binance Smart Chain, during the DeFi and meme-coin surge linked to Dogecoin. It was issued by SafeMoon LLC, registered in Pleasant Grove, Utah. Kyle Nagy created the project, with Braden John Karony as CEO and Thomas Smith as CTO. The name mixed “safe” with the crypto phrase “to the moon,” presenting the token as a safer route to rapid growth.

Its tokenomics charged a 10% fee on each transaction: 5% was redistributed to holders, and 5% was added to a Binance Coin liquidity pool. The team said that the pool was locked. From 12 March to 20 April 2021, the price rose by more than 55,000%, with market value reported at $5.7 billion, or, by other estimates, above $8 billion. Barstool Sports founder Dave Portnoy publicly said he had invested over $40,000.

On 20 April 2021, reports indicated that the liquidity pool was not locked, and the token fell by almost 50% in one day. Later SEC and US Department of Justice filings alleged that Karony and others used misappropriated funds to buy SafeMoon and to support its price. Karony was also accused of wash trading through an account he controlled.

In October 2021, SafeMoon released the updated SFM token. In 2022-2023, the team announced a blockchain, exchange, and hardware wallet, but none launched. On 1 November 2023, the SEC and DOJ charged SafeMoon LLC, Nagy, Karony, and Smith with securities fraud, wire fraud, and money laundering, alleging that over $200 million had been taken from the liquidity pool. In November 2023, SafeMoon filed for Chapter 7 bankruptcy. In May 2025, Karony was convicted on all three counts.