Safemoon Product Criticized After A Snag Found In The Launch

HIGHLIGHTS

  • “Safemoon has been exploited from day one and $68,460,000 has been syphoned out of the liquidity pool.”
  • On Monday, September 13, 2021, the hashtag trend “#safemoonwallet” received a large amount of tweets.
  • The official Twitter handle of Safemoon announced the launch of the Safemoon Wallet.

Safemoon, a cryptocurrency project, has been popular in recent forums and social media, as the crypto asset team promised a few new items, but the team claims that the launch has been hampered.

CEO Safemoon, John Karony/ Via Twitter

“Safemoon has been exploited from day one and $68,460,000 has been syphoned out of the liquidity pool,” according to a post on the subreddit r/cryptocurrency this weekend.

For quite some time, the cryptocurrency project Safemoon has been a source of controversy. It’s been labelled a Ponzi scheme, and there are a lot of Safemoon reviews, accusations, and people trying to figure out if the project is real or not.

On Monday, September 13, 2021, the hashtag trend “#safemoonwallet” received a large amount of tweets.

This is due to the fact that the project was planned to release three products, one of which being an iOS and Android-compatible safemoon (SAFEMOON) wallet.

However, according to the official Safemoon Twitter feed, the initiative had some difficulties in launching these additional products.

At the time of writing, the tweet has over 10000 likes and more than 5000 retweets. Safemoon has an extremely active social media ‘army,’ which mirrors other crypto coins’ active social media armies, such as DOGE, XRP, and the LINK marines.

However, some have expressed concerns that the project may not be real. Despite this, committed members of the group think there is nothing to be concerned about and advise others to “be patient.”

The official Twitter handle of Safemoon announced the launch of the Safemoon Wallet on Monday.

SAFEMOON IS ALLEGEDLY BEING ‘EXPLOITED,’ ACCORDING TO A REDDIT POST

Safemoon (SAFEMOON) is a Binance Smart Chain token that is currently trading for $0.00000186 per unit at the time of writing.

In compared to most coins, the market can be turbulent at times, and Safemoon has been accused of being “exploited” in addition to the problems with the wallet launch.

On August 28, 2021, the user u/tngsystems posted on the Reddit thread r/cryptocurrency accusing Safemoon of being “exploited from day one” and claiming to have taken $68.4 million.

At the time of publication, this Reddit post has over 2,000 upvotes and 900 comments. The allegations are challenged, and a large number of Safemoon community members categorically refute them.

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, this is $68.46 million USD worth of SFM tokens removed from liquidity. In addition, these wallets still hold 20.22 trillion Safemoon tokens at the time of this report (worth $47.79 million USD).—The Reddit post reads

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