[Former SafeMoon CEO Sentenced to Eight Years in Prison for Defrauding Investors, Funds Used to Purchase Luxury Homes and Sports Cars] According to The Block, the U.S. Attorney's Office for the Eastern District of New York announced on Tuesday that former SafeMoon CEO Braden John Karony has been sentenced to over eight years in prison for defrauding investors. He was also ordered to forfeit approximately $7.5 million and two residential properties. The 29-year-old Karony was convicted by a federal jury in May of this year on charges of securities fraud, wire fraud, and conspiracy to commit money laundering. Prosecutors stated that he misled investors through false advertising and illegally misappropriated over $9 million in project funds to sustain a lavish lifestyle, including purchasing a $2.2 million home in Utah, an Audi R8 sports car, a Tesla, and a custom Ford F-550 truck. The SafeMoon project launched a token in 2021, with its market capitalization once exceeding $8 billion. The token's transactions included a 10% tax mechanism, half of which was supposed to be injected into a liquidity pool. However, prosecutors accused Karony and his co-conspirators of fraudulently diverting millions of dollars from the liquidity pool for personal use. Co-conspirator Thomas Smith pleaded guilty in February 2025 and is awaiting sentencing, while another accomplice, Kyle Nagy, remains at large.