PANews reported on May 8 that according to Cointelegraph, former SafeMoon CEO John Karony posted on social media on the first day of the trial in New York that he "did not commit fraud", insisted on his innocence, and accused the platform's founder Kyle Nagy of being the mastermind of the fund misappropriation incident. Nagy has fled to Russia after being charged. Karony was charged with three counts including securities fraud and money laundering. The case is expected to be heard until May 26. He is currently on bail of $3 million.