Former SafeMoon CEO Braden John Karony’s fraud trial began in New York, with Karony denying the charges publicly on social media, attributing some fraudulent activities to founder Kyle Nagy. Nagy fled to Russia following the charges. The trial commenced after a jury was selected; Thomas Smith, former Chief Technology Officer for SafeMoon, testified as a witness for the prosecution alongside a victim. Karony has pleaded not guilty to multiple conspiracy charges, including securities fraud, wire fraud and money laundering, and has been out on $3 million bail since February 2024. The trial is scheduled to conclude on May 26th. Notably, individuals in the cryptocurrency industry facing criminal charges rarely comment publicly before their cases reach a conclusion.