A federal jury in the Eastern District of New York on May 21 convicted former SafeMoon CEO Braden Karony of conspiracy to commit securities fraud, electronic transfer fraud, and money laundering after a 12-day trial that began on May 5.

He now faces up to 45 years in prison and forfeiture of illegally obtained profits.

Prosecutors claim that Karony and his co-conspirators traded SafeMoon tokens at the market's peak, funneled the proceeds through private wallets, and that Karony made over $9 million to purchase homes and luxury cars.

#safemoon