A cryptocurrency project called Safemoon has been trending on forums and social media lately as the crypto asset team promised some new products, but the team claims the launch was fraught with difficulties. This weekend, a post posted on the r / cryptocurrency subreddit forum claimed, “Safemoon has been exploited from day one and $ 68,460,000 has been withdrawn from the liquidity pool.”
Safemoon project encounters “unforeseen technical problems” when launching products, skeptics surround project
The Safemoon project has been a controversial cryptocurrency project for quite some time. It has been called the Ponzi scheme and there are many Safemoon reviews. accusations, and people trying to find out if the project is legitimate or not.
Remember, just because you make money off of a ponzi doesn’t change the fact that it is a ponzi. #safemoon
– Lark Davis (@TheCryptoLark) April 21, 2021
On August 29, 2021, the hashtag trend “#safemoonwallet” has a lots of tweets On Sunday. This is because the project was supposed to drop three different products, including an iOS and Android compatible Safemoon (SAFEMOON) wallet. However, Safemoon’s official Twitter page states that the project had encountered some issues with the launch of these new products.
“Thank you for being patient with us,” says the account’s message. “We experienced unforeseen technical problems when we brought all 3 products onto the market at the same time”, tweet says.
When these buttons are clicked, the code that is triggered never did anything other than reload the page. Ever. The moment they added the buttons, they were set to “disabled” and not clickable, then they made them clickable but only triggered a reload. pic.twitter.com/EvDv0RFbLK
– Ryan Dunn (@Not_Ryan_Dunn) August 28, 2021
The tweet has over 12,800 likes and over 3,000 retweets at the time of writing. Safemoon has a very active social media army and matches other active social media armies of crypto coins like DOGE, XRP and the LINK Marines. But there are a number of people who have warned the project may not be legitimate. Even so, hardcore community members believe there is nothing to fear and they urge others to “be patient”.
– Ouch. In. (@ Slice_71) August 29, 2021
Reddit Post claims Safemoon is “exploited”, Safemoon community insists that allegations are “FUD”
At the time of writing, Safemoon (SAFEMOON) is trading hands for $ 0.00000266 per unit and the coin is a Binance Smart Chain token. The market is volatile at times compared to most coins, and in addition to the problems with the wallet’s introduction, Safemoon has been accused of being “exploited”.
On August 28, 2021, a post submitted by user u / tngsystems to the Reddit forum r / cryptocurrency accused Safemoon of being “exploited from day one” and allegedly skimming off $ 68.4 million. At press time, this particular Reddit post has over 2,000 upvotes and over 900 comments. The allegations are controversial and a large number of members of the Safemoon community fully deny the allegations.
There are those who believe the person who wrote the thread and its comment, while many from the Safemoon community defended the project. A number of people called the allegations “baseless,” “public information,” and the forum poster ‘s initial comment was rejected.
“Yesterday, August 27th, the Doxxlocker team published their audit on Safemoon,” said Redditor u / tngsystems. “According to Doxxlocker, they are commissioned to carry out on-chain analyzes in order to find deviations or indications of misconduct with BSC tokens. An analysis of the log provider (V1 Liquidity Pool [LP]) and the contract holder’s wallet (interacts with the V2-LP) has determined that the liquidity generated from the contract (5% tax on transactions) has not been fully returned to the liquidity pool. “The Redditor added:
A total of 28.96 trillion Safemoon tokens have been sent to wallets that are not recognized by the Safemoon team. At the market price of this report, these are $ 68.46 million worth of SFM tokens that have been removed from liquidity. Additionally, as of this writing, these wallets still hold 20.22 trillion Safemoon tokens (valued at $ 47.79 million).
However, the Doxxlocker audit has been accused of collecting another token called “Hyperdeflate (HDFL)” and the Safemoon community has strongly criticized the audit. “It has been posted here (r / safemoon) 30 times since yesterday,” said one person. “I would give it little credit due to the timing and the fact that the people who are spreading it posted their tokens on the reports. I asked them directly for the reason yesterday and they didn’t answer. Instead, they distracted. “
The verifier’s website actually shows a token called Hyperdeflate (HDFL) and no other tokens are present at the time of writing.
What do you think of the controversy surrounding the Safemoon project and the recent post on the Reddit forum r / cryptocurrency? Do you think the allegations are valid or not? Let us know what you think on this matter in the comments below.
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