Braden John Karony, the former CEO of SafeMoon, was convicted of conspiracy to defraud the United States, money laundering, and wire fraud by a New York jury. The trial, lasting two weeks, saw Karony, along with Thomas Smith and Kyle Nagy, accused of misappropriating millions of dollars in SafeMoon's SFM token. Smith testified against Karony, while Nagy fled to Russia. The case, overseen by interim US Attorney Joseph Nocella, is significant in handling digital asset fraud cases. Karony faces potential prison time, while Smith may receive a lighter sentence. This trial follows other high-profile cases in the cryptocurrency industry, including former Celsius CEO Alex Mashinsky's 12-year prison sentence and FTX CEO Sam Bankman-Fried's 25-year sentence. The outcome of these cases raises concerns about Bitcoin's future as retail investors shift focus to institutional involvement. Read more AI-generated news on: https://app.chaingpt.org/news
Cryptocurrency CEO Found Guilty of Fraud Charges
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