US Court Finds This Altcoin CEO Guilty of Fraud! “He Could Get 45 Years!” – Price Drops!
2 min read
Braden John Karony, CEO of SafeMoon, one of the popular altcoins, was found guilty of all crimes in the cryptocurrency fraud case filed against him in the case heard in the US District Court for the Eastern District of New York. SafeMoon CEO Karony pleaded guilty to securities fraud, wire fraud and money laundering conspiracy following a 12-day trial in the Eastern District of New York. Karony faces up to 45 years in prison. The lawsuit alleged that Karony and his accomplices misled investors about the structure and security of SafeMoon, an altcoin issued in 2021 that imposes a 10% transaction tax on transfers. Karony and others reportedly maintained their access to the SafeMoon liquidity pool and took significant amounts of money for personal use. Although Karony and his accomplices said they did not hold or trade SafeMoon (SFM), the lawsuit alleges they repeatedly bought and sold SFM at peak prices. It was also stated that Karony traded on centralized exchanges using pseudonymous wallets and unhosted accounts, concealing the use of investor funds. Karony alone allegedly received more than $9 million in benefits and used this money to buy luxury assets such as luxury real estate, two Audi R8 sports cars and a Tesla. “SafeMoon was initially considered very safe. However, investors were deliberately scammed by a man named Karony who wanted to steal millions of dollars and get rich quick, and it turned out to be a figment of imagination for the believing investors. When SafeMoon’s market capitalization reached over $8 billion, Karony and his accomplices fraudulently obtained and misused millions of dollars worth of liquidity from the SafeMoon liquidity pool for their personal gain. Karony defrauded investors and used them to purchase multiple homes, sports cars, custom vans and other luxury items.” Following this news, SafeMoon (SFM) is down nearly 10% in the last 24 hours. *This is not investment advice. Continue Reading: US Court Finds This Altcoin CEO Guilty of Fraud! “He Could Get 45 Years!” – Price Drops!
Source: BitcoinSistemi
