Former SafeMoon CEO Braden John Karony asserted his innocence as his trial commenced in New York. The trial, involving allegations of diverting and misappropriating millions of dollars worth of SafeMoon’s SFM token, also implicates SafeMoon creator Kyle Nagy and former CTO Thomas Smith. Karony maintained his innocence in an out-of-court statement, suggesting Nagy was responsible for some of the alleged fraud. The trial, expected to last until May 26, has drawn less media attention compared to other high-profile crypto cases. Karony faces charges of securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy. Notably, he has been out on a $3 million bond since February 2024. The case coincides with the appointment of interim US Attorney Joseph Nocella, a Donald Trump appointee, raising questions about the political landscape’s influence on the trial. In related news, former Celsius CEO Alex Mashinsky is set to be sentenced on May 8 for pleading guilty to two felony charges. Prosecutors are seeking a 20-year sentence for Mashinsky. The crypto industry continues to face legal challenges, with prominent figures like Karony and Mashinsky navigating the complexities of the legal system.