SafeMoon CEO bail release goes on hold after Feds cite flight risk
United States federal prosecutors have managed to put SafeMoon CEO Braden John Karony’s bail release order on hold, citing flight risk and his release being a possible “danger to the community.
On Nov. 9, New York District Judge LaShann DeArcy Hall stayed a Nov. 8 bail release order after prosecutors challenged a Utah Magistrate judge’s decision to let Karony out on a $500,000 bail.
Prosecutors made the challenge to Judge Daphne Oberg’s decision in New York, saying the release order was given “without consideration of the defendant’s substantial financial means and ability to flee” and added his release posed a “continued danger to the community.”
“If convicted, the defendant faces a statutory maximum of 45 years’ imprisonment,” prosecutors wrote.
Judge Oberg’s Nov. 8 order would have permitted Karony to stay at his Miami apartment and barred him from accessing crypto exchanges or wallets, holding or transacting crypto and banned him from engaging in promotional activities.
Prosecutors however claimed the Utah court overlooked Karony’s assets when setting his bail at $500,000. They alleged the SafeMoon chief provided “almost no information concerning his finances” and claimed he can access “assets totaling millions of dollars.”
Karony also has “substantial and ever-expanding” overseas ties and has spent months outside the U.S. in Europe and the United Kingdom with his fiancée, a British citizen and resident, prosecutors alleged.
Prosecutors also asked the court to transport Karony to New York and have him detained there which Judge Hall will consider at a later date.
Related: SafeMoon addresses recent exploits amid SEC charges
Karony was arrested on Oct. 31 at Salt Lake City International Airport and was charged alongside
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