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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. 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. …

The post SUI Crypto Hits $3 Amid Pokémon Partnership Rumors with Sui Blockchain appeared first on Coinpedia Fintech News

The crypto space is buzzing with rumors that Pokémon could be entering Web3 through a potential partnership with the Sui blockchain. While nothing has been officially confirmed, recent events have fueled speculation that something big might be brewing behind the scenes.

On April 23, Pokémon HOME rolled out an update that introduced a new medal collection feature. However, this small change in the privacy policy attracted the crypto community’s attention. Notably, in certain regions, the policy now mentions Parasol Technologies as a developer the Pokémon Company may share user data with. 

Parasol is a blockchain gaming studio recently acquired by Mysten Labs, the team behind the Sui blockchain. This quiet addition has sparked speculation about a potential Pokémon partnership with Sui.

On the same day, the Sui Foundation announced Parasol would be launching blockchain-based trading card games. The blog briefly mentioned Pokémon NFTs but later removed them. 

Shotgun, a popular crypto voice, noticed this and explained that these “medals” are not locked tokens but tradable digital items, making them even more exciting. He’s fully ready to dive in if the news proves true.

Still, not all reactions were positive. One X user reminded people that speculation often leads nowhere without hard proof, like contracts or code. For now, the Pokémon-Sui connection remains a strong possibility, but not yet a confirmed reality.

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SUI Crypto Price Surge

SUI Price today has broken through key resistance levels, now sitting comfortably above $3.00. Whale accumulation is increasing, and trading volume recently surpassed $128 million, adding significant fuel to the bullish momentum. 

According to Crypto analyst Ted Pillows, SUI Price has broken above its key resistance level and is continuing to climb. If the positive market momentum continues, SUI could potentially reach $3.8-$4 by May.

The Sui ecosystem is thriving, with its native token ranked 13th in market cap at $9.88 billion. SUI’s recent price surge to over $3.00 reflects a 26% increase in a single day, driven by high trading volumes and rising investor interest. The ecosystem’s total market cap has exceeded $15.79 billion, with SUI making up 90.5% of it.

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The post SUI Crypto Hits $3 Amid Pokémon Partnership Rumors with Sui Blockchain appeared first on Coinpedia Fintech News
The crypto space is buzzing with rumors that Pokémon could be entering Web3 through a potential partnership with the Sui blockchain. While nothing has been officially confirmed, recent events have fueled speculation that something big might be brewing behind the scenes. On April 23, Pokémon HOME rolled out an update that introduced a new medal …