- The former Safémoon leaders were responsible for defrauding investors thanks to unscrupulous intelligent contracts.
- The price of SFM has dropped more than 5% today despite the wider Altcoin market after bitcoin in a bullish feeling.
A New York jury condemned Braden John Karony, former CEO of the Safemoon crypto project (SFM), on all crucial charges earlier on Wednesday, May 21. Karony was charged by the US Ministry of Justice (DoJ) of a conspiracy in order to commit securities fraud, wire fraud and money laundering.
The verdict is the result of a two-week trial which concluded that the ex-examinants of the examination frauded SFM investors by allegedly drained liquidity locked for their personal gains. The prosecutor allegedly alleged that Karony alongside Thomas Smith, a former CTO Safemoon, and Kyle Nagy, the project creator, diverted millions of investor funds between 2021 and 2022.
While Smith has already pleaded guilty to all accusations and testified against Karony, Nagy remains a fugitive, allegedly in Russia. Meanwhile, Karony will remain in police custody before his conviction, his properties worth more than 1.8 million dollars seized.
Market impact on the Safemoon project
The Safemoon project has struggled to regain market share in the recent past following the ex-official indictment. The project dropped in a net evaluation of almost $ 1 billion at around $ 7.5 million when writing this article, according to our last Oracle crypto.
After the announcement on Wednesday, SFM Price fell by more than 4% in the last 24 hours to exchange approximately $ 0.00002 during the end of the North American negotiation session.
The Safemoon project recorded a supported lowering feeling in a recent past despite the wider Altcoin market which was trying to follow the price of bitcoin in a bullish feeling. In addition, the price of the BTC has rallied more than 4% in the last 24 hours to discuss around $ 109,000, while the BNB and the Dogecoin led the widest recovery of the Altcoin.
