Braden Karony, the 29-year-old founder of the once-viral cryptocurrency SafeMoon, was sentenced to 100 months (over eight years) in federal prison on Tuesday.
The sentencing marks the final chapter for the token that turned out to be a "massive fraud."
Judge Eric Komitee of the Eastern District of New York handed down the sentence after a hearing that oscillated between the defense’s unique pleas regarding Karony’s upbringing and the testimony of financial ruin from victims.
"This is more like theft than fraud," Judge Komitee remarked before delivering the sentence. "It was not a small loss per person like in many securities frauds."
During the hearing, victims painted a grim picture of the real-world consequences of Karony's "rug pull."
