News View Non-AMP

SafeMoon CEO Braden Karony Convicted of Fraud; SFM Token Plummets

Published by
Steve Muchoki

A New York jury convicted Braden John Karony, a former CEO of the SafeMoon (SFM) crypto project, on all crucial charges earlier on Wednesday, May 21. Karony was charged by the United States Department of Justice (DOJ) with conspiracy to commit securities fraud, wire fraud, and money laundering.

The verdict was a result of a two-week trial that concluded that the ex-Safemoon executives defrauded SFM investors by draining purportedly locked liquidity for their personal gains. The case prosecutor alleged that Karony alongside Thomas Smith, a former Safemoon CTO, and Kyle Nagy, the project’s creator, misappropriated millions of investors’ funds between 2021 and 2022. 

While Smith has already pleaded guilty to all charges and testified against Karony, Nagy remains a fugitive, allegedly in Russia. Meanwhile, Karony will remain in police custody ahead of his sentencing, with his properties worth over $1.8 million seized.

Market Impact on the Safemoon Project

The Safemoon project has struggled to regain market share in the recent past following the indictment of the ex-officials. The project dropped in net valuation from nearly $1 billion to about $7.5 million at the time of this writing, according to our latest crypto oracle.

Following the announcement on Wednesday, the SFM price dropped over 4 percent in the past 24 hours to trade about $0.00002 during the late North American trading session. 

The Safemoon project has recorded sustained bearish sentiment in the recent past despite the wider altcoin market attempting to follow Bitcoin price in bullish sentiment. Furthermore, BTC price rallied over 4 percent in the past 24 hours to trade at about $109k, while the BNB and Dogecoin led in the wider altcoin recovery.

Steve Muchoki

Steve is a crypto news writer with a passion for decoding market moves. He blends breaking blockchain news with sharp technical analysis and bold price predictions. From Bitcoin rallies to altcoin breakouts, Steve breaks it all down with clarity and insight. Whether you're a trader or just curious, his analysis keeps you ahead of the curve.

Recent Posts

XRP, Sui, and Pudgy Penguins Set to Hit New All-Time Highs Next Week: Top Altcoins to Watch

The crypto market is starting to go more mainstream, especially after the new GENIUS Act…

July 27, 2025

Crypto Regulations in the USA 2025

The US crypto regulation has changed dramatically in 2025, with the Trump administration adopting a…

July 26, 2025

Algorand Price Prediction 2025, 2026 – 2030: Will ALGO Price Hit $1?

Story Highlights The live price of the Algorand is Price predictions suggest ALGO could reach…

July 26, 2025

Avalanche Price Prediction 2025, 2026 – 2030: Will AVAX Price Hit $100?

Story Highlights The live price of the Avalanche is . Price predictions for 2025 suggest…

July 26, 2025

Finding The Next Pepe Coin – What Cryptos Might Have The 10,000x Factor?

Pepe Coin’s 2021 meteoric rise showed how quickly a meme token can explode. Today, traders…

July 26, 2025

Cardano Price Drops But ADA Remains A Hugely Bullish Bet For Experts, Along With RTX and SUI

Cardano's price has dropped 1.88% to $0.7908 but is still a top long-term crypto bet,…

July 26, 2025