US Court Found This Altcoin CEO Guilty of Fraud! "He Could Face 45 Years in Prison!" - Price Plummeted!

In the case heard in the US District Court for the Eastern District of New York***, Braden John Karony***, the CEO of SafeMoon, one of the popular altcoins, was found guilty of all crimes in the cryptocurrency fraud case against him.

SafeMoon CEO Karony was found guilty of securities fraud, electronic fraud, and conspiracy to commit money laundering after a 12-day trial in the Eastern District of New York.

Karony is facing up to 45 years in prison.

The lawsuit alleges that Karony and its accomplices misled investors about the structure and security of SafeMoon, an altcoin issued in 2021 that imposed a 10% transaction tax on transfers.

It was noted that Karony and the others retained access to the SafeMoon liquidity pool and received a significant amount of money for personal use.

Although Karony and accomplices claim they did not hold or trade SafeMoon (SFM), it was stated in the case that these individuals bought and sold SFM multiple times at peak prices.

It was also stated that Karony trades through pseudonymous wallets and unhosted accounts on centralized exchanges, concealing the use of investor funds.

Karony alone is alleged to have received more than $9 million in benefits, with which he bought luxury real estate, two Audi R8 sports cars, and luxury assets such as a Tesla.

"SafeMoon was initially very safe above all else. However, it turned out that investors were deliberately defrauded by a man named Karony, who aimed to get rich quickly by stealing millions of dollars, and it became a figment of the imagination for believing investors."

When SafeMoon's market value exceeded 8 billion dollars, Karony and his accomplices fraudulently took and abused millions of dollars worth of liquidity from the SafeMoon liquidity pool for personal gain.

Karony used to defraud investors to purchase multiple houses, sports cars, luxury trucks, and other luxury goods.

Following this news, SafeMoon (SFM) experienced a drop of approximately 10% in the last 24 hours.