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    BeraTone NFT Avatars Are Now Minting Live on OpenSea

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Somnia Launches Playground App to Empower Metaverse Creators

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    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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    Blockchain And Crypto Are Future of Online Gambling

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    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

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    Why GamStop Players Try Competitive Gaming

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    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

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    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    LFG Boosts Token Launches with Community Power

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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SafeMoon executives arrested after DOJ, SEC allege they misappropriated millions, buying luxury cars and real estate

November 2, 2023
in DeFi
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SafeMoon executives arrested after DOJ, SEC allege they misappropriated millions, buying luxury cars and real estate
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Two SafeMoon executives were arrested after prosecutors said they lied to investors about “locking in” liquidity when they instead used the money to buy luxury cars and real estate.

Braden John Karony, 27, and Thomas Smith, 35, were arrested Wednesday, while another director, Kyle Nagy, 35, remains at large, according to a statement from the U.S. Attorney’s Office for the Eastern District of New York.

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Prosecutors say, in a joint enforcement action with the Securities and Exchange Commission, that the trio embezzled millions of dollars to purchase a custom Porsche sports car and real estate, among other things.

“As fraudsters increasingly use digital assets to deceive investors and embezzle funds, our firm will be at the forefront of prosecuting them and their ill-gotten gains. We will continue our focus on the digital asset space and bring to justice those who defraud investors in this area,” said U.S. Attorney for the Eastern District of New York Breon Peace.

SafeMoon issues decentralized financial digital assets called SafeMoon or SFM. SFM reached a market capitalization of more than $9 billion dollars and has counted more than two million SFM holders since its launch in March 2021, according to a lawsuit.

SafeMoon transactions were subject to a 10 percent tax, half of which was marketed as going to designated SFM liquidity pools that the defendants said would prevent them from being used to enrich developers, prosecutors said.

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“In reality, Defendants allegedly maintained access to the SFM Liquidity Pools and used that access to intentionally divert and embezzle millions of dollars in tokens from the SFM Liquidity Pools for their personal benefit,” prosecutors said.

The three were charged with conspiracy to commit securities fraud, conspiracy to commit bank fraud and money laundering conspiracy.

SEC comes knocking

The Securities and Exchange Commission also filed charges Wednesday against Smith, Nagy and Karony for alleged fraud and offering unregistered securities.

The SEC called SafeMoon a “crypto asset security” and said the three executives failed to deliver on promised profits and misappropriated investor funds for their own personal use.

The SEC said SafeMoon tokens are securities because “purchasers invested money in a common venture and generated reasonably expected profits or returns from the entrepreneurial or managerial efforts of others, in this case, Defendants.”

“Decentralized finance claims to provide transparency and predictable results, but unregistered offerings lack the disclosures and accountability the law requires, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” says David Hirsch. head of the SEC Enforcement Division’s Crypto Assets and Cyber ​​Unit, in a statement.

Notably, the SEC also referred to BNB as a “crypto asset security.” The agency previously said it was considering BNB as a security in a separate case against it Binance in June.

Updated at 2:05 PM ET with details

Tags: allegearrestedBuyingCarsDOJEstateexecutivesluxurymillionsmisappropriatedRealSafeMoonSEC

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