Former SafeMoon CEO Denies Charges as Fraud Trial Begins

According to Odaily, the trial of former SafeMoon CEO Braden John Karony commenced in New York, where he declared his innocence on social media, attributing some fraudulent activities to SafeMoon founder Kyle Nagy. Reports indicate that Nagy fled to Russia following the charges. On the first day of the trial, after the jury was selected, former SafeMoon Chief Technology Officer Thomas Smith appeared as a witness for the prosecution alongside a victim. Karony has pleaded not guilty to multiple conspiracy charges, including securities fraud, wire fraud, and money laundering, and has been out on a $3 million bail since February 2024. The trial is expected to continue until May 26. It is noteworthy that individuals in the crypto industry facing criminal charges rarely comment publicly before the conclusion of their cases. Meanwhile, the U.S. District Court for the Southern District of New York is set to sentence former Celsius CEO Alex Mashinsky, who has admitted to two felony charges, on May 8. Prosecutors have recommended a 20-year prison sentence for Mashinsky.