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Home»DeFi»Safemoon CTO withdraws not-guilty plea, admits to $200m SafeMoon fraud
DeFi

Safemoon CTO withdraws not-guilty plea, admits to $200m SafeMoon fraud

February 22, 2025No Comments2 Mins Read
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Former SafeMoon CTO Pleads Guilty to Securities Fraud and Wire Fraud

Thomas Smith, the former chief technology officer of SafeMoon, has recently pleaded guilty to securities fraud conspiracy and wire fraud conspiracy in connection with a scheme that defrauded investors of over $200 million.

Smith admitted to misleading investors about the status of SafeMoon’s liquidity pool, falsely claiming it was locked and inaccessible. Along with CEO Braden John Karony and creator Kyle Nagy, Smith diverted client funds for personal use, engaging in securities fraud and wire fraud.

During a court appearance before Magistrate Judge Cheryl Pollak, Smith changed his plea to guilty for both charges. The sentencing decision now rests with U.S. District Judge Eric Komitee, who will consider the severity of the offenses and Smith’s cooperation in the investigation.

Legal Troubles for SafeMoon Executives

In November 2023, SafeMoon executives faced charges from the U.S. Securities and Exchange Commission and the Justice Department for conspiracy, fraud, and money laundering related to the promotion and handling of the SafeMoon token (SFM).

The team falsely marketed SFM as a secure investment, claiming that its liquidity pool was locked and inaccessible. In reality, the executives retained full access and allegedly siphoned off over $200 million in investor funds for personal gain.

They were also accused of engaging in wash trading to inflate the token’s market cap to as high as $8 billion, leading to significant losses for investors when the token crashed.

Legal Proceedings and Future Trial

Smith and Karony were arrested following the charges, while Nagy remains at large. Karony, who has pleaded not guilty to all charges, recently had his request for a trial delay denied. Opening statements for his trial are scheduled for April 7.

See also  Sam Bankman-Fried Seeks New Trial Citing Judicial Bias On Fraud Conviction

The outcome of Smith’s guilty plea and the upcoming trial for Karony will shed light on the consequences faced by individuals involved in fraudulent activities within the cryptocurrency space.

As the legal proceedings continue, the cryptocurrency community and investors remain vigilant against potential scams and fraudulent schemes, emphasizing the importance of due diligence and regulatory compliance in the industry.

200M admits CTO Fraud notguilty Plea Safemoon withdraws
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