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Former SafeMoon CEO Sentenced to 8 Years in Prison

2026.02.11 08:02:29

**February 11** — The U.S. District Court for the Eastern District of New York on Tuesday sentenced former SafeMoon CEO Braden John Karony to 8 years in prison, per Coindesk. Karony was convicted last year on multiple federal charges tied to investor fraud in his digital asset business. The U.S. Department of Justice (DOJ) alleges he manipulated the SafeMoon (SFM) token’s price, illicitly controlled the company’s liquidity, and stole millions of dollars. Following a three-week trial, he was found guilty of conspiracy to commit securities fraud, wire fraud, and money laundering. Co-conspirator Thomas Smith pleaded guilty to conspiracy to commit securities fraud and wire fraud in February 2025 and is currently awaiting sentencing. Another alleged co-conspirator, Kyle Nagy, remains at large in connection with the SafeMoon fraud case. SafeMoon (SFM) launched in March 2021 amid the meme coin and DeFi craze of the prior bull market. Its tokenomics impose a 10% tax on all transactions: ~5% is automatically redistributed to token holders, another portion is added to the liquidity pool or burned to drive deflation, and a third portion funds project development. The design aimed to “reward holding, punish selling,” letting holders earn coins passively in hopes the token would “safely reach the moon.” At its peak, SFM had a $1 billion market cap, drawing massive retail investors and FOMO-fueled traders. Subsequent contract exploits, fraud allegations against the team, liquidity manipulation, and fund misappropriation led to a prolonged decline—its current market value is just $2.08 million.
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