Cryptocurrency

Read

/send

SafeMoon

<div class="protos">
 <div>
  <div>
   <div>
    <p>Braden <a rel="noopener noreferrer nofollow" title="John Karony" href="https://thebittimes.com/tag/john-karony.html">John Karony</a>, Kyle Nagy, and Thomas Smith have been <a rel="noopener noreferrer nofollow" title="charged" href="https://thebittimes.com/tag/charged.html">charged</a> with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and money laundering, all linked to their roles with the <a rel="noopener noreferrer nofollow" title="SafeMoon" href="https://thebittimes.com/tag/safemoon.html">SafeMoon</a> <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>currency project.&nbsp;</p>
    <p>The <a rel="noopener noreferrer nofollow" title="criminal" href="https://thebittimes.com/tag/criminal.html">criminal</a> complaint claims that the defendants and their business, <a rel="noopener noreferrer nofollow" title="SafeMoon" href="https://thebittimes.com/tag/safemoon.html">SafeMoon</a> US LLC, lied to investors about what ‘locked’ liquidity meant and then used the money from investors to buy things like a Porsche 911 and real estate.</p>
    <p>SafeMoon marketed itself by emphasizing that it was unable to engage in a ‘rug pull’ due to the way it ‘locked’ its liquidity. However, these promises were never accurate, and Smith maintained control over the project’s liquidity pools.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="1Gfk3zKqkO">
       FBI ties and Ponzi games — here’s what SafeMoon doesn’t want you to know
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“FBI ties and Ponzi games — here’s what SafeMoon doesn’t want you to know” — Protos" src="https://protos.com/safemoon-fbi-ties-ponzi-games-crypto-protocol-dave-portnoy-shill/embed/#?secret=0jBBz726gF#?secret=1Gfk3zKqkO" data-secret="1Gfk3zKqkO" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p><em>Read more: Five ridiculous claims from the latest SafeMoon court battle</em></p>
    <p>Furthermore, despite claiming they didn’t hold any SafeMoon tokens for personal use, <strong>Karony and Smith personally discussed trading strategies to profit</strong>, with Karony at one point suggesting to Smith they begin selling from their deployer wallet. Smith warned Karony they would need to be cautious about how they reintegrated the funds because they needed to “be weary [sic] of bank accounts reporting to IRS on 9k deposits with a certain period” because if they were not cautious, “IRS would be heavy into audits if we did 9k regularly.”</p>
    <p>Allegedly, after Nagy was able to transfer a large quantity of the token to Smith, and Smith was able to successfully convert it to another cryptocurrency, they celebrated, with Smith saying, “IT’S FUCKING GO TIME” and discussing how they could purchase luxury vehicles.</p>
    <p>A separate portion of their scheme involved a cryptocurrency exchange that agreed to help distribute rewards to SafeMoon holders. At one point, <strong>Karony received $8 million in stablecoins from the exchange to swap into the SafeMoon token</strong> and deposit into the liquidity pool; however, he allegedly transferred $1.5 million to the exchange and then withdrew $1.4 million in fiat to his personal bank account.</p>
    <p>Karony and Smith have been arrested; Nagy has currently not been arrested.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/safemoon-team-criminally-charged-after-buying-porsche-with-investor-funds-tbt68711.html">https://thebittimes.com/safemoon-team-criminally-charged-after-buying-porsche-with-investor-funds-tbt68711.html</a></p>

SafeMoon team criminally charged after buying Porsche with investor funds

TheBitTimes

Other articles published on Nov 1, 2023

VanEck Updates Spot Bitcoin (BTC) ETF Application

What is Blockmason Credit Protocol?

Vitalik Buterin Transfers $181,000 Worth of ETH to Coinbase!

Jack Mallers’ Strike denied an email breach that definitely happened

LIVE: FED Chairman Jerome Powell Speaks After Interest Rate Decision – Here Are The Highlights

Canadian MP Salutes Satoshi Nakamoto on Bitcoin’s 15th Year

Join our free newsletter for daily crypto updates!