Jury selection begins as $3 million bond set in SafeMoon case

Jury selection has started in the criminal trial of Braden John Karony, the former CEO of SafeMoon (CRYPTO:SFM), following his release on a $3 million bond earlier this year.

Joseph Nocella, a Trump appointee, has been named interim US Attorney for the Eastern District of New York and will serve for up to 120 days or until a Senate-confirmed nominee takes over, according to the US Attorney’s Office for EDNY.

Nocella’s appointment coincides with the start of Karony’s trial, where he faces charges of securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy.

Nocella stated his intention to focus on prosecuting “narcotics-traffickers, gang members, terrorists, human-traffickers and other criminals,” though it remains unclear how his leadership might influence the case against Karony.

In February, Karony requested a delay in the trial, citing “significant changes” proposed by former President Trump to US securities laws that could impact his defense.

The Eastern District of New York has previously overseen cases involving digital assets, including actions against individuals tied to cryptocurrency fraud, according to court records.

Jury selection for Karony’s trial is proceeding under US Magistrate Judge James Cho, with District Judge Eric Komitee expected to preside over the trial starting May 6.

Karony, along with Kyle Nagy and Thomas Smith, was charged in November 2023 with diverting and misappropriating millions of dollars’ worth of SafeMoon’s SFM token between 2021 and 2022.

Karony has pleaded not guilty to all charges and continues to await trial while out on bond.

At the time of reporting, the SafeMoon price was $0.00001409.