Crypto Chaos: Ex-Safemoon CEO Convicted and SFM Price Takes a Nosedive! 😂

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  • The ex-Safemoon wizards were accused of casting dark spells to dupe innocent investors through cunning smart contracts.
  • Though Bitcoin flaunted its bullish charm, SFM plummeted over 5 percent today—talk about bad timing!

A New York jury unveiled its verdict under the shadowy skies of May 21, convicting none other than Braden John Karony—the charming former CEO of the SafeMoon (SFM) crypto spectacle—on all charges. The United States Department of Justice (DOJ) had a deliciously deceptive menu of charges: conspiracy to commit securities fraud, wire fraud, and good ol’ money laundering.

This melodrama unfolded over a riveting two-week trial, where it was revealed that the ex-Safemoon executives were playing a high-stakes game of Monopoly, raiding investors’ funds as if they were candy from a child. The prosecution painted a thrilling picture, lacing accusations that Karony, in cahoots with his trusty sidekicks—Thomas Smith, the remorseless former CTO, and Kyle Nagy, the elusive project creator—misappropriated millions between 2021 and 2022 like a couple of teenage delinquents with a stolen credit card.

While Smith decided to channel his inner choir boy and plead guilty, spilling the beans on Karony, Nagy seems to be living the high life as a fugitive—rumored to be sipping piña coladas somewhere in Russia. And as for our friend Karony? He’ll be enjoying the cozy confines of police custody while his lavish lifestyle, worth over $1.8 million, is now just an ominous memory.

Market Mayhem for the Safemoon Project

The Safemoon saga seems to be deflating like a sad balloon at a child’s birthday party. Following the disgraceful tactics of its former officials, the project’s net valuation has plummeted from a staggering $1 billion to a dismal $7.5 million—yikes! Our crypto oracle is having quite the laugh.

In reaction to Wednesday’s courtroom drama, SFM saw its price drop a cringe-worthy 4 percent in the mere span of 24 hours, now trading at about $0.00002. It’s like watching a soap opera, but much more tragic!

Despite the wider altcoin market trying to ride Bitcoin’s bullish coattails, Safemoon seems to be stuck in a perpetual state of bearish gloom. Meanwhile, Bitcoin danced its way up over 4 percent in the last 24 hours and is currently basking in the glorious sunlight at about $109k, while BNB and Dogecoin are leading the altcoin revival like heroes in a cheesy action flick.

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2025-05-22 02:24