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BTCC / BTCC Square / Global Cryptocurrency /
SafeMoon CEO Sentenced to 8 Years for $9 Million Fraud

SafeMoon CEO Sentenced to 8 Years for $9 Million Fraud

Author:
Global Cryptocurrency
Published:
2026-02-11 08:53:02
17
3
BTCCSquare news:

Braden Karony, the former CEO of SafeMoon, has been sentenced to 100 months in prison for embezzling $9 million from the project's liquidity pool. The funds were misappropriated during the 2021 crypto market peak, financing luxury purchases including a $2.2 million Utah mansion and high-end vehicles.

A federal jury convicted Karony in May 2025 on charges of conspiracy to commit securities fraud, wire fraud, and money laundering. The court ordered forfeiture of $7.5 million and two properties, with restitution amounts pending determination. "This was outright theft, not typical securities fraud," the presiding judge remarked during sentencing.

The case highlights ongoing regulatory scrutiny of cryptocurrency projects. While SafeMoon isn't among the major traded coins, the verdict serves as a cautionary tale for crypto executives. Co-founder Kyle Nagy remains at large, while former CTO Thomas Smith awaits sentencing after pleading guilty.

|Square

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