• Judge LaShann DeArcy Hall halted the bail release order of SafeMoon’s CEO, Braden John Karony.
• The federal prosecutors highlighted Karony’s “substantial financial means and ability to flee.”
• SafeMoon’s CTO was also arrested but its creator, Kyle Nagy, is still on the run.

Judge LaShann DeArcy Hall of the U.S. District Court for the Eastern District of New York suspended the bail release order of SafeMoon’s CEO, Braden John Karony, on Thursday. This decision came after federal prosecutors challenged Utah Magistrate Judge Daphne A. Oberg’s approval of Karony’s release on $500,000 bail.

The prosecutors argued the magistrate’s oversight in granting SafeMoon CEO’s release on a half-a-million-dollar unsecured bond. They highlighted that the decision lacks “consideration of the defendant’s substantial financial means and ability to flee.”

The feds also claimed Karony’s ability to use his “significant wealth” to avoid a maximum prison sentence of 45 years if convicted. They stressed the importance of the detention as it is for the “safety of the community.”

Doubling down on arguments, the prosecutors underscored Karony’s feeble connection to the U.S., conside…

The post SafeMoon CEO John Karony’s Bail On Hold as Feds Challenge Decision appeared first on Coin Edition.

• Judge LaShann DeArcy Hall halted the bail release order of SafeMoon’s CEO, Braden John Karony.
• The federal prosecutors highlighted Karony’s “substantial financial means and ability to flee.”
• SafeMoon’s CTO was also arrested but its creator, Kyle Nagy, is still on the run.

Judge LaShann DeArcy Hall of the U.S. District Court for the Eastern District of New York suspended the bail release order of SafeMoon’s CEO, Braden John Karony, on Thursday. This decision came after federal prosecutors challenged Utah Magistrate Judge Daphne A. Oberg’s approval of Karony’s release on $500,000 bail.

The prosecutors argued the magistrate’s oversight in granting SafeMoon CEO’s release on a half-a-million-dollar unsecured bond. They highlighted that the decision lacks “consideration of the defendant’s substantial financial means and ability to flee.”

The feds also claimed Karony’s ability to use his “significant wealth” to avoid a maximum prison sentence of 45 years if convicted. They stressed the importance of the detention as it is for the “safety of the community.”

Doubling down on arguments, the prosecutors underscored Karony’s feeble connection to the U.S., conside…

The post SafeMoon CEO John Karony’s Bail On Hold as Feds Challenge Decision appeared first on Coin Edition.