SafeMoon CTO Pleads Guilty to $200 Million Crypto Fraud
Thomas Smith, the Chief Technology Officer of SafeMoon LLC, has pleaded guilty to two charges of fraud. He admitted to his involvement in a scheme that defrauded SafeMoon investors of $200 million.
Smith now faces a potential prison sentence of up to 45 years. The legal proceedings regarding the company’s CEO are set to begin on April 7.
This admission of guilt highlights the growing concerns surrounding fraud in the cryptocurrency space. SafeMoon, which gained popularity in the decentralized finance (DeFi) sector, is now embroiled in a scandal that has shaken investor confidence. The case serves as a stark reminder of the risks associated with crypto investments.