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Scam Allegations Against the labeled unSAFEMOON; Team Denies
- With SafeMoon’s scam accusations spreading far and wide, people are now questioning the logic behind tokenomics.
- Even Miko Matsumura, Evercoin co-founder, doesn’t seem convinced of SafeMoon’s validity.
- SafeMoon CEO, John Karony, believes real SafeMoon holders will not fall for such fake news.
Recently the hashtag SafeMoon has been trending on various social media platforms, gaining 72 million views on TikTok, the hot topic of discussion being its authenticity. People worldwide are expressing varying opinions, ranging from its a real thing to straight-out Bitconnect-reminiscent. The project is outrageously being labeled as “UNSAFEMOON” by a majority of speculators.
BSC project SafeMoon
Launched early last month, the Binance Smart Chain (BSC) project, SafeMoon, is a DeFi token with an automatic liquidity pool that supposedly awards holders and charge sellers. The project also plans to develop an NFT-exchange, a video game, charity projects, and crypto educational apps. Based on CoinGecko, at 16:00 UTC, SafeMoon’s price fell by 43% in the past 24 hours and is trading at $0.00000438.
SafeMoon’s official Twitter handle’s recent tweet reveals the 52-day old token surpassed 1 million holders. Among all its sites, Safemoon.xyz opens with a browser warning, and the medium account seems to have been suspended. Only Safemoon.net appears to be doing relatively well, stating liquidity of $202 million and a market cap of $2.4 billion.
Divided Opinions on the Token
In the past month, the project did gain several supporters and defenders, but the scam accusations are everywhere, spreading like wildfire. People have started questioning the logic behind tokenomics. The media seems to be divided into two halves, without any common conclusion.
Redditors say it is a Ponzi scheme. Meanwhile, crypto trader and analyst Luke Martin labeled it “unSAFEMOON.” Even Miko Matsumura, Evercoin co-founder, doesn’t seem convinced of its validity. After all, this wouldn’t be the first rug pull on BSC.
Concluding “SafeMoon is no different,” the popular crypto YouTuber Lark Davies even equated it to the infamous Bitconnect scam. Another Youtuber, Quinten François, one of the firsts to advise against Bitconnect, said SafeMoon is the next big scam, “a pyramid scheme” where people will lose money at an accelerated pace.
Team’s Disappointing Claims Responses
Additionally, on Monday, SafeMoon claimed the BSC “broke” due to their “volume,” however, the Binance network reported, it recovered “from the overload caused by the massive interest in projects building on BSC.”
Even SafeMoon’s latest ask-me-anything (AMA) session was not up to par. Held behind the price crash, the AMA answered “nothing” except sponsoring a rapper who talked about Porsches,” wrote Reddit user AnitaEkbger30.
Speculating it was a fraud from the get-go, another user, WishfulAstronaut, asked people to stop “posts bashing SafeMoon” as even a bad press is a good press.
Defending and Binding the Supporters
Defending the project against the scam allegations, SafeMoon CEO John Karony remarked, “real SafeMoon holders won’t fall for fake news and shadowy entities,” proceeding to invite the questioners to “a civil discussion” on their “live AMA.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
