Braden John Karony, the former CEO of crypto firm SafeMoon, was found guilty on Wednesday of all charges in a high-profile U.S. federal trial.

A New York jury convicted Karony of three felony counts, including conspiracy to commit securities fraud, wire fraud, and money laundering. 

Prosecutors argued that Karony and other SafeMoon executives had misled investors by making false claims about the project’s success and the security of its token mechanics, particularly its supposed “locked” liquidity pools.

This story is an excerpt from the Unchained Daily newsletter.  

To get these updates in your email for free, subscribe here.

In reality, Karony and his associates withdrew tens of millions of dollars from the pools for their personal use, which included paying for luxury purchases.

Karony faces a potential prison sentence of up to 45 years for his role in the fraud. 

His conviction follows the testimony of former SafeMoon executive and co-conspirator Thomas Smith, who cooperated with authorities and pleaded guilty.