SafeMoon founders Braden John Karony, Kyle Nagy, and Thomas Smith are now under arrest, facing charges of fraud and money laundering
The charges stem from their alleged misuse of millions in investor funds for personal luxuries, as detailed in a federal indictment unveiled today.According to the damning indictment, the SafeMoon trio allegedly deceived investors about their operations. As the coin's market value rocketed to $8 billion, the founders are said to have pocketed millions of dollars for themselves.
The money was used to buy things like luxury cars and homes in various states. Karony and Smith are now in custody, but Nagy remains at large. U.S. Attorney Breon Peace spoke out on the matter, crediting agencies such as the FBI for their collaboration and asserting a firm stance against fraud in the crypto sector. The IRS was also spotlighted for their role in tracking down the alleged misused funds.
Its meteoric rise was also fueled by high-profile celebrity endorsements. Soulja Boy, Jake Paul, and Lil Yachty were among the public backers of SafeMoon. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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