Former SafeMoon CEO Karony appeared in court to deny fraud charges, accusing Nagy of being the mastermind.

According to Gate.io News bot, as reported by Cointelegraph, former SafeMoon CEO John Karony made a statement during his first court appearance in New York, denying allegations of fraud against him. Karony stated in his declaration that "no fraud was committed" and attributed the misappropriation of funds to platform founder Kyle Nagy. It is reported that the accused Nagy has fled to Russia.

Karony is currently facing three charges of securities fraud, money laundering, and other offenses. The court has approved bail for him at a bond of $3 million. The case is expected to continue until May 26.