Former SafeMoon Executive Braden Karony Convicted in Multi-Million Dollar Crypto Fraud Case

The jury found Karony guilty of conspiracy to commit securities fraud, wire fraud, and money laundering following a 12-day trial. Prosecutors accused him of deceiving investors by falsely claiming SafeMoon’s liquidity pools were locked and secure, while secretly diverting funds for personal use, including the purchase of luxury homes and vehicles.

Karony now faces up to 45 years in prison, with sentencing scheduled for later this year. The jury also ordered the forfeiture of approximately $2 million in real estate assets tied to the fraud.

His co-conspirator Thomas Smith previously pleaded guilty and is also awaiting sentencing. A third alleged participant, Kyle Nagy, remains at large.

The case is one of the most high-profile convictions to date involving fraud in decentralized finance (DeFi)—a sector often promoted as transparent and secure.

READ MORE:

Cetus Protocol Hacked for $260M: Sui DeFi in Crisis as Binance Steps In

In the wake of the scandal, the original SafeMoon project has been taken over by the community and rebranded as a memecoin, distancing itself from the failed promises and legal fallout of its founders.

The verdict marks a significant win for U.S. regulators and law enforcement targeting crypto-related misconduct, underscoring that fraudulent practices under the guise of decentralization will not escape scrutiny.

The post Former SafeMoon Executive Braden Karony Convicted in Multi-Million Dollar Crypto Fraud Case appeared first on Coindoo.