Two SafeMoon executives have been arrested on suspicion of fraud and money laundering.

BlockBeats news, on November 2nd, the US Attorney's Office for the Eastern District of New York announced that Braden John Karony, Kyle Nagy, and Thomas Smith, the founders and executives of DeFi protocol Safemoon in the BNB Chain ecosystem, were indicted for allegedly defrauding investors. Charges include securities fraud, wire fraud, and money laundering conspiracy. According to the charges, the defendants deceived investors in the decentralized financial digital asset called "SafeMoon" released by their company SafeMoon LLC, although SafeMoon's market value once exceeded 8 billion US dollars, the defendants illegally transferred and misappropriated millions of dollars of "locked" SafeMoon liquidity funds for personal gain. Karony was arrested in Provo, Utah, Smith was arrested in Bethlehem, New Hampshire, and Nagy is still at large.