TechFlow news, on May 8, according to Cointelegraph, the criminal trial of former SafeMoon CEO John Karony began on May 6 in New York. Karony claimed innocence on social media and blamed company founder Kyle Nagy, who is reported to have fled to Russia.
Karony and other executives are accused of misappropriating millions of dollars worth of SafeMoon tokens and face multiple charges including securities fraud, conspiracy to commit wire fraud, and money laundering. Former CTO Thomas Smith has turned into a witness for the prosecution. Karony is currently released on a $3 million bail, and the case is expected to continue until May 26.
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