The ex-Safemoon executives were charged with defrauding investors through unscrupulous smart contracts.
SFM price dropped over 5 percent today despite the wider altcoin market following Bitcoin in bullish sentiment.
A New York jury convicted Braden John Karony, a former CEO of the SafeMoon (SFM) crypto project, on all crucial charges earlier on Wednesday, May 21. Karony was charged by the United States Department of Justice (DOJ) with conspiracy to commit securities fraud, wire fraud, and money laundering.
The verdict was a result of a two-week trial that concluded that the ex-Safemoon executives defrauded SFM investors by draining purportedly locked liquidity for their personal gains. The case prosecutor alleged that Karony alongside Thomas Smith, a former Safemoon CTO, and Kyle Nagy, the project’s creator, misappropriated millions of investors’ funds between 2021 and 2022.
While Smith has already pleaded guilty to all charges and testified against Karony, Nagy remains a fugitive, allegedly in Russia. Meanwhile, Karony will remain in police custody ahead of his sentencing, with his properties worth over $1.8 million seized.
Market Impact on the Safemoon Project
The Safemoon project has struggled to regain market share in the recent past following the indictment of the ex-officials. The project dropped in net valuation from nearly $1 billion to about $7.5 million at the time of this writing, according to our latest crypto oracle.
Following the announcement on Wednesday, SFM price dropped over 4 percent in the past 24 hours to trade about $0.00002 during the late North American trading session.
The Safemoon project has recorded sustained bearish sentiment in the recent past despite the wider altcoin market attempting to follow Bitcoin price in bullish sentiment. Furthermore, BTC price rallied over 4 percent in the past 24 hours to trade at about $109k, while the BNB and Dogecoin led in the wider altcoin recovery.
The post New York Jury Convicts Ex-Safemoon (SFM) Executive on All Charges appeared first on Coinpedia Fintech News
The ex-Safemoon executives were charged with defrauding investors through unscrupulous smart contracts. SFM price dropped over 5 percent today despite the wider altcoin market following Bitcoin in bullish sentiment. A New York jury convicted Braden John Karony, a former CEO of the SafeMoon (SFM) crypto project, on all crucial charges earlier on Wednesday, May 21. …
Made in USA Coins are gaining traction heading into the final week of May, with AVA, Solana (SOL), Pi Network (PI), Uniswap (UNI), and Worldcoin (WLD) all drawing attention. AVA surged nearly 10% amid renewed AI interest, while SOL saw rising institutional accumulation despite ETF delays.
PI rebounded above $0.80 as momentum builds despite lingering ecosystem concerns. Meanwhile, UNI faces legal pressure from Bancor, and WLD remains in the spotlight following regulatory challenges and a U.S. expansion push.
AVA
AVA is the native token of Holoworld, an AI-powered storytelling platform designed for creators, brands, and developers.
The ecosystem enables users to craft immersive experiences using customizable AI avatars, lifelike animations, and voice-based interactions. It claims to have over 1 million users and tens of millions of interactions.
Originally launched on Solana’s PumpFun launchpad, AVA currently holds a market cap of around $65 million and has climbed nearly 10% in the last 24 hours amid renewed interest in AI-themed tokens.
Technical indicators are turning bullish, with AVA’s EMA lines suggesting a golden cross could form soon. If this momentum holds, the token could rise to challenge resistance at $0.069, and a breakout may open the path toward $0.0919 and even $0.015.
However, if bullish momentum fades and the $0.060 support level fails, the token could retrace to $0.0519, and potentially fall to $0.047 or even $0.0417 if the downtrend intensifies.
Solana (SOL)
Solana is seeing increased accumulation from institutional investors in May 2025. Whales have staked large amounts, and some have invested millions into Solana-based assets.
Over 65% of SOL’s supply is now staked. Q1 app revenue reached $1.2 billion, the highest in the past year, showing strong ecosystem growth.
Despite a quiet altcoin market, analysts are comparing Solana’s structure to Ethereum’s in early 2021. On-chain inflows and developer activity continue to rise.
Meanwhile, the SEC delayed its decision on five Solana ETF proposals, pushing the timeline to mid-2025. Still, SOL rose 2.7%, showing resilience.
Technically, SOL is holding support at $164. If this holds, it could test $176.83 and $184.86. If $164 fails, the next supports are $159.48, $154, and $141.
Pi Network (PI)
Pi Network has faced several major setbacks since its mainnet launch in February 2025, quickly becoming one of the most hyped Made in USA coins. These include a lack of Binance or Coinbase listings, poor price performance, and unfulfilled ecosystem promises. Despite 86% of the community voting for a Binance listing, no listing has occurred.
Still, PI is showing signs of short-term strength. It’s up nearly 10% in the past 24 hours, breaking above the $0.80 mark. Its market cap is nearing $6 billion again, and EMA lines suggest a golden cross could form soon.
If the momentum holds, PI could test resistance at $0.96. A breakout could open room for rallies toward $1.30 and $1.67.
However, if the uptrend fades, PI could retrace to $0.66. If that level fails, the next supports are $0.57 and lower.
Uniswap (UNI)
Bancor has filed a patent infringement lawsuit against Uniswap, claiming that the leading DEX used its patented automated market maker (AMM) technology without permission.
Bancor says it developed and patented the constant product AMM model back in 2017, a structure Uniswap later adopted for its own protocol. The lawsuit, filed in New York, seeks compensation from both Uniswap Labs and the Uniswap Foundation, making UNI one of the most interesting Made in USA coins to watch next week.
Meanwhile, UNI is trading near a key support level at $5.94.
If this level fails, it could drop to $5.649 and even $5.43. On the upside, a momentum recovery could send UNI back to test $6.329. If broken, further resistance lies at $6.52 and $7.36.
Worldcoin (WLD)
AI-related tokens have been attempting a broader recovery in recent weeks, and Worldcoin (WLD) has remained a focal point during this period. The project has faced both regulatory setbacks and notable expansion efforts, keeping it in the spotlight in the last weeks.
Around the same time, Indonesia suspended its operations over regulatory and certification concerns. Despite these headwinds, Worldcoin recently launched in six major U.S. cities and revealed plans to distribute 7,500 biometric verification devices across the country.
WLD is up 6.8% in the past 24 hours, showing signs of a short-term rebound. Its EMA lines suggest a golden cross could form soon, which would be a bullish technical signal.
If momentum holds, WLD could climb toward $1.19, and if that resistance breaks, extend gains to $1.36. However, if the token fails to hold above $1.11, it could slide to $1.05—and possibly dip below $1 if bearish pressure accelerates.
XRP futures trading on CME Group has surged to a combined $25.6 million in notional volume within its first two days of launch. It marks a strong debut for the altcoin’s entry into regulated derivatives markets. Meanwhile, XRP continues to trade below $2.50, dropping 7% in the past week.
According to official CME data and corroborating reports, 120 standard and 206 micro contracts were traded on May 19, totaling approximately 6.5 million XRP.
On May 20, the exchange logged 59 standard and 485 micro contracts, adding another 4.1 million XRP to the tally.
So, using XRP’s current market price of $2.39, the total trading volume across both days equals approximately $25.6 million.
XRP Futures Notional Volume on CME. Source: CME Group
This volume positions XRP’s debut ahead of other altcoin launches on CME. Solana (SOL) futures, which debuted in March 2025, recorded $12.3 million in first-day notional volume.
Futures Mirror XRP Spot Price, Hint at Stable Outlook
CME’s XRP futures are cash-settled and based on the CME CF XRP-Dollar Reference Rate. This is updated daily at 11 am Eastern Time.
This structure means the futures are pegged closely to the spot market. With XRP currently trading at $2.39, the futures contracts are not reflecting a premium or discount. This suggests traders expect price stability in the short term.
So far, there is no indication of strong bullish or bearish sentiment among futures participants. This could reflect broader market indecision or simply the fact that participants are using the contracts for hedging rather than speculation.
Hyperliquid recently surpassed the trade volume of perpetuals exchange dYdX, reaching $1.5 trillion. Despite being a much newer platform, Hyperliquid’s token buybacks and lack of cash incentives have provided long-term stability.
To be fair, Hyperliquid has also been involved in much larger controversies, famously delisting JELLYJELLY in response to a short squeeze earlier this year. Nonetheless, the platform has been rebuilding its reputation and generating high volume.
dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.
Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.
Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.
2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.
Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.
This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:
Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.
dYdX hasn’t suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.
Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi’s perpetuals market.
Pi Network (PI) is back in the spotlight after an 11% price surge triggered by the withdrawal of over 86 million tokens from OKX, sparking speculation of a coordinated supply squeeze. The move has intensified bullish sentiment, especially as technical indicators begin to align with the price action.
Momentum indicators like the DMI and EMA suggest growing strength, and a potential golden cross formation hints at the possibility of a continued breakout. However, not all signals are fully confirmed—volume-based metrics like the CMF show lingering indecision, making the next few days critical for confirming PI’s direction.
Technical Indicators Support PI Rally Amid Supply Shock Speculation
The sudden exodus of tokens sparked speculation of a coordinated supply squeeze, with some investors interpreting the move as a strategic effort by large holders to limit circulating supply and potentially drive the price higher.
Community voices on X described the event as a “power move,” pointing to growing confidence in the asset’s future trajectory.
While this triggered bullish momentum and boosted PI to the top of CoinGecko’s trending list, questions still linger regarding its long-term fundamentals, particularly its mainnet rollout, exchange listings, and broader use-case development.
From a technical perspective, PI’s Directional Movement Index (DMI) shows signs of growing strength. The ADX—a metric that measures the strength of a trend—has climbed from 12.46 to 16.6 in the past day, signaling that momentum is building. Typically, ADX values above 20 indicate a developing trend, with readings above 25 considered strong.
Meanwhile, the +DI line, which tracks bullish pressure, sits at 25.98—up from 20.14 yesterday, though slightly down from its peak earlier today at 29.15. The -DI, representing bearish pressure, has dropped significantly to 14.45 from 20.84 yesterday.
This divergence suggests that bulls are gaining control and sellers are stepping back, supporting the narrative that Pi Network may be entering a more decisive upward trend if this momentum continues.
PI CMF Drops After Brief Spike, Signaling Fading Buying Pressure
Despite the recent surge, PI CMF is now at -0.03.
Chaikin Money Flow (CMF), a volume-based oscillator that measures buying and selling pressure over a given period. CMF values range from -1 to +1, with readings above 0 suggesting accumulation (buying pressure) and below 0 indicating distribution (selling pressure).
Currently, PI’s CMF stands at -0.03—a notable improvement from -0.17 two days ago but a pullback from yesterday’s +0.09.
This shift shows that while the overall selling pressure has eased significantly, the recent dip back below the zero line suggests that buyers haven’t fully taken control. A CMF hovering around the neutral zone could imply indecision in the market or a pause after the recent rally.
For bulls to regain full momentum, the CMF would ideally need to push back into positive territory and hold, confirming sustained capital inflows and supporting the case for continued upside.
Golden Cross Setup Builds for PI, But Key Resistance Still in Play
Pi Network’s EMA lines are starting to align in a bullish setup, with a potential golden cross formation on the horizon. A golden cross occurs when a short-term EMA crosses above a long-term EMA, signaling the possibility of a sustained uptrend.
If this pattern confirms, PI price could gain enough momentum to challenge the resistance at $0.96.
A breakout above that level may open the door for further gains toward $1.30, and with strong follow-through, the price could even reach $1.67—levels not seen in recent trading activity.
However, the bullish scenario is not guaranteed. If the current uptrend loses steam and buying pressure weakens, Pi Network could retrace to test support at $0.66.
A breakdown below that level would likely shift sentiment more bearish, exposing the token to further downside toward $0.57.
While technical signals lean optimistic for now, traders will be closely watching whether the golden cross materializes and if resistance levels can be cleared convincingly.
Democratic Senator Kirsten Gillibrand has played a significant role in the GENIUS Act, a bipartisan bill that, if passed, will regulate the use of stablecoins in the United States. But, as a lead co-sponsor of the bill, Gillibrand’s involvement in its passage comes with its share of controversy.
In an investigation into campaign financing during the 2024 federal election cycle, BeInCrypto found that the combined donations from individuals associated with prominent crypto firms—including Coinbase, Ripple, Uniswap Labs, Andreessen Horowitz, and dYdX Trading—exceeded $200,000 for the New York Senator’s campaign.
The GENIUS Act: A Step Closer to Federal Stablecoin Regulation
On Monday night, the Senate advanced the GENIUS Act concerning stablecoins by approving a procedural vote. This vote was for cloture, which limits debate and prevents a filibuster.
The road to getting there was difficult. During a previous Senatorial reunion on May 8, the same vote failed to advance to the final round of discussions. Nine Democratic senators – including Gillibrand – retracted their initial support of the bill during that round of debate.
Opposition to the bill stemmed from several concerns. These included inadequate consumer protections, potential risks to national security, and apprehension regarding how the legislation might be affected by or even exacerbate issues related to President Donald Trump’s involvement in different crypto ventures.
During this latest round, some of those Senators, like Delaware Senator Blunt Rochester, decided to greenlight the bill, while others, like New Jersey Senator Andy Kim, remained unconvinced.
What’s certain is that the US is closer than ever to national crypto legislation on stablecoins. Senator Gillibrand’s efforts significantly influenced the road to get here. Her negotiating skills have been instrumental in securing sufficient Democratic support for the bill at every step.
However, her connections to the crypto industry raise questions about her motivations for advocating its passage.
Which Crypto Firms Contributed to Gillibrand’s Campaign?
Gillibrand has been a Senator for her home state of New York since 2009. Last year, she was re-elected to office for a fourth term.
According to OpenSecrets, a non-profit organization that tracks and publishes campaign finance and lobbying data, Gillibrand received tens of thousands of dollars from individuals representing different crypto entities during the last election cycle.
The sum of contributions from donors associated with Coinbase toward Gillibrand’s 2024 election campaign. Source: OpenSecrets.
Under US federal law, corporations generally cannot donate directly to congressional campaigns. This prohibition applies to contributions from a corporation’s treasury funds.
Nonetheless, OpenSecrets monitors contributions from individuals, who are typically required to disclose their employer when donating.
Considering this information, in 2024, contributors associated with Coinbase were the tenth-largest corporate donors to Off the Sidelines, Senator Gillibrand’s leadership PAC. Together, they donated $59,900 to her re-election campaign.
Following its lead, venture capital firm Andressen Horowitz donated $57,000 to Gillibrand’s efforts. In 16th place was Uniswap Labs, where individuals contributed $48,900.
Ripple donors came in 40th place, contributing a total of $32,000. Further down the list was dYdX Trading, donating $19,200.
Gillibrand received $217,000 in total from these different crypto entities. Searching through the Federal Election Commission (FEC) database, BeinCrypto revealed the identities of some of these independent contributors.
Key Individual Donors to Gillibrand’s Leadership PAC
According to data compiled by the FEC, Gillibrand’s leadership PAC received $366,043.12 worth of individual contributions between 2023 and 2024.
Combining these contributions, BeInCrypto found 10 individual donations from prominent figures who listed Coinbase, Ripple, and Uniswap Labs as their employers.
Individual contributors from Coinbase, Ripple, and Uniswap who donated to Off the Sidelines. Source: FEC.
Under the Federal Election Campaign Act, individuals are generally limited to donating $5,000 per calendar year to a traditional Political Action Committee (PAC). This limit applies per election cycle, meaning separate donations can be made for primary and general elections.
Among Coinbase-associated names were CEO Brian Armstrong and Chief Operating Officer Emilie Choi, who donated a total of $8,300 to Gillibrand’s leadership PAC during last year’s primary elections.
In the case of Uniswap, CEO Hayden Adams and Chief Legal Officer Katherine Minarik each donated $3,300. Marvin Ammori, also a Chief Legal Officer, donated a sum of $7,300 on three separate occasions.
BeinCrypto found no individual contributions from dYdX or Andressen Horowitz employees to Gillibrand’s leadership PAC.
Is Crypto Funding Influencing Congressional Impartiality?
Campaign financing from prominent names in the crypto industry, whether from political action committees or individual contributors, became a household activity during last year’s elections.
According to a report by Public Citizen, Behemoths like Coinbase and Ripple Labs each contributed $50 million to Fairshake, the crypto super PAC that spent $119 million during the 2024 federal elections.
In fact, OpenSecrets labeled Fairshake as one of the few Super PACs that qualify as bipartisan committees. Crypto contributions toward Republican and Democratic candidates alike demonstrate the industry’s broad range of investments to achieve a brighter regulatory future for crypto in Washington.
But they also raise questions over the impartiality of congressional representatives like Senator Gillibrand when it comes to voting on legislation that will directly impact the businesses of the very actors who contributed to their political campaigns.
As US President Donald Trump and his family increase their engagement in digital assets, the cryptocurrency globe is abuzz with debate over transparency, regulatory control, and possible corruption. Their projects comprise two popular meme coins, $TRUMP and $MELANIA, a token-issuing exchange named World Liberty Financial, and American Bitcoin, a crypto mining company slated to go public backed by Eric and Donald Trump Jr. These endeavors, which have been reported to increase Trump’s net worth by nearly 40% — approximately $2.9 billion — are giving the Trumps unprecedented opportunities for financial influence, particularly given the anonymity and global reach of cryptocurrencies. For instance, at a recent private dinner for top $TRUMP meme coin holders, CNN reports that the top 25 holders were promised direct access to President Trump and a “VIP tour” of one of his private clubs. In an interview with CNN, Jordan Libowitz, the vice president for communications at… Read More at Coingape.com
Earlier today, Solana announced Alpenglow, a major protocol upgrade designed to improve transaction speed and network efficiency. Unveiled by infrastructure firm Anza, a Solana Labs spinout, the new protocol aims to replace Solana’s current consensus mechanisms with a redesigned system. But the crypto community is curious: will it be as successful as the ETH Pectra upgrade? Solana Upgrade: The Road to Alpenglow Solana Alpenglow came into place as Solana’s network matured and the blockchain faced a surge in transaction volumes. This has caused congestion, which could be seen from its network outages on February 6, 2024, and multiple events in 2022. Another key issue was the complexity and latency of Proof of History (PoH) and Tower BFT. With the introduction of thousands of meme coins on Solana, the surge in transactions caused bottlenecks. 1/ Introducing the largest Solana Protocol change ever: Alpenglow, Solana’s new consensus protocol conceived by the Anza… Read More at Coingape.com
Trading does grant excitement to earning money but functioning into a universe where errors could be costly. The learning curve might get steep, irrespective of choosing between trading stocks and futures or diving headfirst into the heads and tails fast-lane world of day trading. In reality, without proper guidance, you end up making crippling mistakes that will set you back in finances. Here comes the entry of a trading mentorship. A mentor will assist you in staying away from such errors and instruct you in the currently relevant methods and skills that will give you the upper hand. The process is all about knowing trading psychology and managing risk as much as it is about examining charts and making quick choices. Good mentoring can help you develop these abilities and steer clear of the pitfalls that usually surprise novice traders. How to Find the Right Mentor Trading mainly appeals because… Read More at Coingape.com
Canary Capital has filed an amended version of its Solana ETF with the US Securities and Exchange Commission (SEC) to improve the fund’s offerings. As part of the amendment, the asset manager has updated the ETF’s name to reflect its new partnership with Marinade Finance for SOL staking. Canary Capital Files Amended Solana ETF Prospectus A recent SEC filing shows that the asset manager has filed an amended version of the registration statement for its SOL ETF. As part of the changes, Canary Capital has changed the fund’s name to ‘Canary Marinade Solana ETF.’ As Bloomberg analyst James Seyffart noted, the amendment reflects the partnership with Marinade Finance for SOL staking in the ETF wrapper. The Solana DeFi protocol had also teased about the partnership yesterday, while hinting at a big announcement today. The Gensler-led administration had pushed back against staking being included in any ETFs, which is why… Read More at Coingape.com
