The hit project SafeMoon is accused of being “inflated” by celebrities and the development team

The hit project SafeMoon is accused of being “inflated” by celebrities and the development team


2022-02-21 18:36:39

The newly proposed class-action lawsuit alleges that the SafeMoon project colluded with certain celebrities to lure investors with unrealistic profits.

The hit project SafeMoon is accused of being “inflated” by celebrities and the development team

Among the defendants in the 60-page lawsuit are Jake Paul, Nick Carter, Soulja Boy, Lil Yachty, and YouTuber Ben Phillips, who are accused of playing a key role in pumping and dumping SafeMoon tokens through inflating. inflate the project on social networks to increase the token value.

When SafeMoon launched, project leaders actively recruited and retained these people to promote content, primarily through Twitter, Reddit, and YouTube. In exchange for their support, they received SafeMoon tokens and other settlements. Since then, the project has started making statements to investors about token burning or the permanent removal of a certain number of tokens from the circulating supply to bolster trust.

Less than a month after its release, SafeMoon announced on April 8, 2021 that nearly 400,000 billion SafeMoon has been burned, with related information stressing the asset’s value will be an all-time high. .

According to the case, the defendants’ pump and dump strategy for the SafeMoon token was indeed successful, as their trust and endorsement increased community interest, which in turn pushed up the trading volume for the SafeMoon token. with SafeMoon growing artificially rapidly throughout 2021, up to 875% within just nine days of initiating marketing. However, the volume gradually decreased over the next 10 days.

However, in April 2021 the fever has exploded again. By April 20, sales spiked to $144.7 million, then to $173.3 million the next day, before peaking at $191.6 million on April 22. So far , many investors who purchased SafeMoon between March 8, 2021 and now have suffered heavy economic losses, suffering again and again about SafeMoon value encouraging claims and promises about future success.

Further proof that the above argument is completely valid is that when SafeMoon achieved multi-fold growth in a few months, the sudden departure of company executives came during the token period. massive price drop. It is highly likely that they have slowly “discharged” their own tokens. Furthermore, in the statement on August 28, the project said that the SafeMoon wallet is about to be deployed, causing the SafeMoon price to once again spike by more than 200%.

However, just a month later, both Chief Technology Officer (CTO) Hank Wyatt and Chief Operating Officer (COO) Jack Haines announced their departure from the project, specifically on the same day of September 20, 2021 leading to the start of the project. Running the SafeMoon wallet is also delayed. Perhaps this is not a coincidence.

At press time, SafeMoon is trading around 0.000001471, down more than 70% from the ATH 0.000194 set in April 2021.

SafeMoon/USD price chart.  Source: CoinMarketCap
SafeMoon/USD price chart. Source: CoinMarketCap

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