Braden John Karony, the former CEO of crypto firm SafeMoon, has publicly declared his innocence as his trial for fraud and money laundering charges commenced in New York. In a May 6 post, he asserted that he did not commit fraud and criticized media coverage of the proceedings. Alongside Karony, SafeMoon's founder Kyle Nagy and former CTO Thomas Smith are facing allegations of misappropriating millions of dollars in SFM tokens. Reports indicate that Nagy has fled to Russia since the charges were filed. On the first day of the trial, Smith turned state's witness against Karony, further complicating the case. Despite the trial's significance, it has garnered less media attention compared to other high-profile crypto cases, like that of former FTX CEO Sam Bankman-Fried. Karony, who has maintained a not-guilty plea, has been free on a $3 million bond since February 2024. The trial is expected to continue until May 26, 2025, amid ongoing legal battles in the crypto sector related to fraud and regulatory scrutiny.

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