SafeMoon Ex-CEO Convicted of Fraud and Money Laundering by U.S. Jury Verdict

# Former SafeMoon CEO Found Guilty on All Major Fraud Charges On October 21, a U.S. federal jury found Braden John Karony, the former CEO of SafeMoon, guilty on all major charges. The Department of Justice (DOJ) indicted Karony on three felony counts: conspiracy to commit securities fraud, wire fraud, and money laundering. After nearly two weeks of deliberations, the jury concluded that Karony and other former SafeMoon executives misappropriated investor funds for personal gain. Prosecutors disclosed that Karony, with former Chief Technology Officer (CTO) Thomas Smith and SafeMoon co-founder Kyle Nagy, diverted millions of investor dollars between 2021 and 2022. Funds that were purportedly “locked up” were allegedly siphoned off to serve their personal financial interests. Smith pleaded guilty to all charges and testified against Karony during the trial. Meanwhile, Nagy remains at large, reportedly in Russia, where he continues to evade authorities. Karony will remain in custody until sentencing, with approximately $1.8 million in assets seized as part of the ongoing case. # SafeMoon’s Market Collapse Following the guilty verdict, SafeMoon (SFM) token prices fell nearly 3.5% on October 22 at 9:05 a.m. (KST), dropping to $0.00002030. The indictment and subsequent legal proceedings against SafeMoon’s former leadership have severely undermined market confidence, leading to a dramatic decline in the project's market capitalization. Once valued at approximately $1 billion, SafeMoon's market cap has plummeted to around $7.5 million—a stark reminder of the lost trust and influence the project once held. Market participants and investors continue to closely monitor legal developments, as the criminal proceedings against the former leadership cast a long shadow over the cryptocurrency’s future.