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

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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

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

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

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Drink-to-earn? A new sparkling water comes with an NFT and points

    Cobie says UpOnly will return if someone buys this $20M NFT

    Cobie says UpOnly will return if someone buys this $20M NFT

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    Edge Matrix, CoLabs Partner to Fortify NFT Creators

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    Donald Trump Denies Claims of Profiting From TRUMP Token

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    Argentine Football Association Partners With STEPN to Launch Digital Sneakers

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    Pudgy Penguins #6873 Leads With Top NFT Sale Worth $360.2k

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    NFT sales jump 22% to $107m, Pudgy Penguins recover

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    Guild of Guardians Leads NFT Collections with $1.35M in Daily Volume As NFT Market Climbs

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    Apple Eases NFT, Crypto Rules for iOS Apps Following Antitrust Ruling

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    Square Enix Is Bringing Its NFT Game to Sony’s Ethereum Network

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    How the Maldives Is Building a $9 Billion Blockchain Hub to Transform Its Economy

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    Doodles’ $DOOD Token Launches on Solana: Tokenomics, Airdrop, and Vision Explained

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    The Ultimate Guide to Xociety: What You Must Know Before You Play

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    Adidas Reveals In-Game Apparel Drop for ‘Xociety’ Shooter on Sui

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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

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

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

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    Most Profitable Crypto to Mine in 2025: Best Altcoins for Mining

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    Get a $50 Welcome Bonus when You Join Changelly’s Mobile App – Only This March!

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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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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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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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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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Drink-to-earn? A new sparkling water comes with an NFT and points

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    Cobie says UpOnly will return if someone buys this $20M NFT

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    Edge Matrix, CoLabs Partner to Fortify NFT Creators

    Donald Trump Denies Claims of Profiting From TRUMP Token

    Donald Trump Denies Claims of Profiting From TRUMP Token

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    Argentine Football Association Partners With STEPN to Launch Digital Sneakers

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    Pudgy Penguins #6873 Leads With Top NFT Sale Worth $360.2k

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    Apple Eases NFT, Crypto Rules for iOS Apps Following Antitrust Ruling

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    Square Enix Is Bringing Its NFT Game to Sony’s Ethereum Network

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    How the Maldives Is Building a $9 Billion Blockchain Hub to Transform Its Economy

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    How to Build a Web3 dApp: Step-by-Step Guide

    Soneium partners with Square Enix’s SYMBIOGENESIS to provide cross-game NFT rewards

    Soneium partners with Square Enix’s SYMBIOGENESIS to provide cross-game NFT rewards

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    Doodles’ $DOOD Token Launches on Solana: Tokenomics, Airdrop, and Vision Explained

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    The Ultimate Guide to Xociety: What You Must Know Before You Play

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    Adidas Reveals In-Game Apparel Drop for ‘Xociety’ Shooter on Sui

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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

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

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

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    What Is a Layer-0 Blockchain Protocol?

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    What It is & Why it Matters

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    Most Profitable Crypto to Mine in 2025: Best Altcoins for Mining

    What Is a Stablecoin? Meaning, Definition, Types & More

    What Is a Stablecoin? Meaning, Definition, Types & More

    Get a $50 Welcome Bonus when You Join Changelly’s Mobile App – Only This March!

    Get a $50 Welcome Bonus when You Join Changelly’s Mobile App – Only This March!

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Dogecoin Bull run

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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

November 2, 2023
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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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