The CEO of SafeMoon, Braden Karony, has been convicted by a U.S. federal jury for conspiracy to commit securities fraud, wire fraud, and money laundering, following a 12-day trial. Prosecutors revealed that Karony misled investors about the liquidity of the token and diverted millions into personal purchases, including luxury vehicles and real estate. The SafeMoon token, which once reached a market capitalization of over $8 billion, faced allegations of fraud that led to its decline. The jury also ordered the forfeiture of two properties worth approximately $2 million. Karony is facing up to 45 years in prison, with the case significantly impacting investor confidence in digital assets and contributing to ongoing concerns regarding fraud in the crypto market.

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