Former SafeMoon CEO Convicted of Crypto Fraud and Money Laundering
The post Former SafeMoon CEO Convicted of Crypto Fraud and Money Laundering appeared on BitcoinEthereumNews.com. TLDR Braden John Karony, former SafeMoon CEO, found guilty of conspiracy, wire fraud, and money laundering Jury deliberated for less than a day after a two-week trial in New York Karony faces up to 45 years in prison for misappropriating millions in investor funds Co-defendant Thomas Smith testified against Karony after entering a guilty plea Another co-defendant, Kyle Nagy (platform creator), reportedly fled to Russia A New York federal jury has convicted Braden John Karony, the former CEO of cryptocurrency company SafeMoon, on all counts in a high-profile crypto fraud case. The verdict came after less than a day of deliberation following a two-week trial in the US District Court for the Eastern District of New York. Karony was found guilty of conspiracy to defraud the United States, wire fraud, and money laundering. He now faces up to 45 years in prison for his role in the scheme that prosecutors say misappropriated millions of dollars in investor funds. The case centered around SafeMoon, a cryptocurrency token launched in 2021 that once reached a market cap exceeding $8 billion. The token applied a 10% transaction tax on transfers, with half supposedly redistributed to token holders and the remainder locked in a liquidity pool to support trading. However, prosecutors revealed that Karony and his co-conspirators retained access to this liquidity pool. They allegedly diverted substantial funds for personal use while publicly claiming they did not hold or trade SafeMoon tokens.
The post Former SafeMoon CEO Convicted of Crypto Fraud and Money Laundering appeared on BitcoinEthereumNews.com.
TLDR Braden John Karony, former SafeMoon CEO, found guilty of conspiracy, wire fraud, and money laundering Jury deliberated for less than a day after a two-week trial in New York Karony faces up to 45 years in prison for misappropriating millions in investor funds Co-defendant Thomas Smith testified against Karony after entering a guilty plea Another co-defendant, Kyle Nagy (platform creator), reportedly fled to Russia A New York federal jury has convicted Braden John Karony, the former CEO of cryptocurrency company SafeMoon, on all counts in a high-profile crypto fraud case. The verdict came after less than a day of deliberation following a two-week trial in the US District Court for the Eastern District of New York. Karony was found guilty of conspiracy to defraud the United States, wire fraud, and money laundering. He now faces up to 45 years in prison for his role in the scheme that prosecutors say misappropriated millions of dollars in investor funds. The case centered around SafeMoon, a cryptocurrency token launched in 2021 that once reached a market cap exceeding $8 billion. The token applied a 10% transaction tax on transfers, with half supposedly redistributed to token holders and the remainder locked in a liquidity pool to support trading. However, prosecutors revealed that Karony and his co-conspirators retained access to this liquidity pool. They allegedly diverted substantial funds for personal use while publicly claiming they did not hold or trade SafeMoon tokens.
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