Cryptocurrency Exchange
Safemoon LLCInformation and Alerts
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This business has 1 alert.
Government Actions
Securities and Exchange Commission v. Safemoon LLC et al
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On November 1, 2023, Braden Karony, CEO of Utah-based cryptocurrency company “Safemoon LLC”, was arrested and charged in Provo. He is charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, along with money laundering conspiracy.
Safemoon founder, Kyle Nagy, and chief technology officer, Thomas Smith, were arrested on the same three criminal accounts.
Karony, named one of the 2022 Utah CEOs of the year by Utah Business Magazine, along with his colleagues, allegedly lied to investors that their money was locked in a liquidity pool. According to the indictment, Karony and Safemoon did have access to the “locked” pools, and intentionally diverted and misappropriated “millions of dollars’ worth of tokens from the SafeMoon liquidity pools for their personal benefit.”
The fraud was carried out between March 2021 to April 2023, while the company grew to a 9 billion dollar value.
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