Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»HACKING NEWS»SafeMoon founders arrested on charges of wire fraud and money laundering
HACKING NEWS

SafeMoon founders arrested on charges of wire fraud and money laundering

By Crypto FlexsNovember 25, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SafeMoon founders arrested on charges of wire fraud and money laundering
Share
Facebook Twitter LinkedIn Pinterest Email
  • SafeMoon founders were arrested. Kyle Nagy.
  • The charges include wire fraud and money laundering.
  • There are also charges of embezzlement and defrauding investors.

In a significant development, the founders of SafeMoon, a decentralized finance digital asset, have faced criminal charges in the United States.

Braden John Karony and Thomas Smith were arrested and Kyle Nagy remains incarcerated. The U.S. Attorney’s Office for the Eastern District of New York charged them with fraud and money laundering.

Arrests and Charges

Two individuals from SafeMoon LLC, Braden John Karony and Thomas Smith, were arrested in Provo, Utah, and Bethlehem, New Hampshire, respectively. They are accused of participating in a scheme to defraud investors at SafeMoon. Issued by SafeMoon LLC, this cryptocurrency has gained immense popularity, with a market capitalization exceeding $8 billion.

The charges center around allegations that the defendants misled SafeMoon investors. They misrepresented the accessibility of “locked” liquidity that was probably out of their reach. Moreover, they were accused of misappropriating and misappropriating millions of dollars from the liquidity pool for personal gain.

Background of SafeMoon

SafeMoon token (SFM) was introduced to the public blockchain by SafeMoon LLC in March 2021.

A unique feature of SFM trading is that it is subject to a 10% tax, with 5% allocated to SFM holders and the remaining 5% allocated to a designated liquidity pool.

The larger the liquidity pool, the greater the liquidity of the SFM market. It quickly gained over 1 million holders and a market capitalization of over $8 billion.

SafeMoon founder’s fraud scheme

According to the U.S. Attorney’s Office for the Eastern District of New York, the indictment alleges that the defendants made false statements to investors, including about the use of “locked” liquidity pools to prevent carpeting.

They also claimed that tokens in the liquidity pool will not be used for private enrichment. However, it is alleged that the defendants maintained access to the liquidity pool and intentionally misappropriated and misappropriated millions of dollars worth of tokens for personal gain.

Moreover, they are accused of making significant profits by trading SFM for their own benefit even when the market price of SFM was at its peak. The defendants concealed the movement of these funds through a variety of methods, including non-hosted private cryptocurrency wallets and anonymous central exchange accounts. The misappropriated funds were reportedly used to purchase luxury vehicles and properties in several states.

The charges are allegations, and the defendant is presumed innocent until proven guilty in a court of law. This case is being handled by the U.S. Attorney’s Office’s Business and Securities Fraud Section.

This case highlights the importance of regulatory oversight in the cryptocurrency industry to protect investors and maintain trust in digital assets. More details will be revealed as the legal process progresses, and the defendants will have their day in court to address these serious charges.


Share this article

category

tag

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Floki Eyes 120% Rally Valhalla launches $ 10K prizes after explosive weekly growth

July 13, 2025

Watt protocol audit summary -ACKEE blockchain

July 11, 2025

Stable for digital recovery and inheritance

July 9, 2025
Add A Comment

Comments are closed.

Recent Posts

Crypto Company is a bank license in the US during Ripple, Circle and Bito Target

July 14, 2025

HeraldEX Defines The Future With Its One-Stop Crypto Platform For Businesses

July 14, 2025

BSGM Engages CXG To Acquire FINRA/SEC-Registered Broker-Dealer To Expand Publicly Traded RWA Tokenization Operations

July 14, 2025

Tornado cash Roman storms insist on Doj Botched Key Telegram evidence.

July 14, 2025

HBAR prices overtake Bitcoin cash after a 4 -month high and 27% rise.

July 14, 2025

Algorand (Algo) Get momentum in the launch and technical growth.

July 14, 2025

Floki Eyes 120% Rally Valhalla launches $ 10K prizes after explosive weekly growth

July 13, 2025

Crypto Digital Marketing Agency to Elevate Your Project

July 13, 2025

Encryption responded to US-Vietnamese trade transactions. BTC wiped $ 110K

July 13, 2025

Rich Miner plan aims to audit a stable encryption.

July 12, 2025

Tethers in September, completing USDT support for Omni, Bitcoin Cash SLP, KUSAMA, EOS and Algorand

July 12, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Crypto Company is a bank license in the US during Ripple, Circle and Bito Target

July 14, 2025

HeraldEX Defines The Future With Its One-Stop Crypto Platform For Businesses

July 14, 2025

BSGM Engages CXG To Acquire FINRA/SEC-Registered Broker-Dealer To Expand Publicly Traded RWA Tokenization Operations

July 14, 2025
Most Popular

Development Update #4 – ethereum.org

January 31, 2024

Dignity Gold joins Weild & Co. to expand its global investment banking activities. maintain

November 25, 2023

As the US presidential election fever began, the price of Bitcoin surged 3.7% in one hour.

November 5, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.