Tag: Safemoon

SafeMoon LP Compromised

by Blockchain News

SafeMoon, a cryptocurrency project that gained traction through endorsements by celebrities and social media influencers, recently announced that its liquidity pool (LP) had been compromised. While the company has not revealed any details about the attack, it confirmed that it is taking steps to address the issue as soon as possible.

The incident is the latest in a series of attacks targeting cryptocurrency projects in recent months. Like many other crypto projects in 2021, SafeMoon was backed by numerous celebrities, including Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips. However, a lawsuit filed in February 2022 alleged that these endorsements were part of a larger scheme to defraud investors by misleading them to purchase SafeMoon tokens under the pretext of unrealistic profits.

Experts suggest that a recent software upgrade may be to blame for the vulnerability that allowed the attacker to compromise SafeMoon’s LP. According to PeckShield, a blockchain investigation firm, a public burn function introduced in the latest upgrade allowed users to burn tokens from other addresses, potentially creating a security flaw that could be exploited by hackers.

A community member known as “DeFi Mark” provided further details about the attack, explaining that the vulnerability was used to remove SafeMoon tokens, causing an artificial spike in the token’s price. The attacker was then able to sell off the tokens at an inflated price, taking advantage of the situation for personal gain.

The incident has raised questions about the security and legitimacy of SafeMoon, as well as the role of celebrity endorsements in cryptocurrency projects. While the company has not provided any further details about the attack or its response, it is clear that security is a top priority for SafeMoon and other cryptocurrency projects.

Cryptocurrency remains a relatively new and largely unregulated industry, with many investors drawn in by the promise of high returns and the endorsement of celebrities and influencers. However, as the SafeMoon incident and others like it have shown, there are risks involved in investing in this space, and investors should be cautious and do their own research before committing their money to any project.

Despite the challenges and risks, many experts believe that cryptocurrency and blockchain technology have the potential to revolutionize the financial industry and create new opportunities for investors and businesses alike. As the industry continues to mature and evolve, it is likely that we will see more incidents like the SafeMoon attack, but also more innovations and advancements that could transform the way we think about money and finance.

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Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any

by NEWSBTC

A few days ago, Dave Portnoy returned to Bitcoin with an almost $1.1M buy of 29.5 BTC. Today, he thinks “you are an idiot if it’s not part of your portfolio.” The Barstool Sports owner and main personality might have a point, but the whole situation is still funny. Especially, considering everything Portnoy has said about Bitcoin over the years. 

Related Reading | Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him

The born-again Bitcoiner visited Stuart Varney in his “Varney & Co.” show at the FOX Business Network. This is what happened:

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What Did Dave Portnoy Tell Stuart Varney About Bitcoin?

In 2020, the Winklevoss twins helped Portnoy to make his first Bitcoin investment. There was a small dip, and Portnoy panicked and sold it all. The community mocked him, and he went on to make questionable investments, but that’s neither here nor there. In the “Varney & Co.” interview, Portnoy reveals “I was waiting for my reentry point.” Impressively, he bought in at $36.9K.

Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn’t understand it, and asks him if he does now. Portnoy responds, “No, no I haven’t figured them out. But here’s what I have figured out, Bitcoin is here to stay. It’s not going anywhere. It’s widely adopted. You see main institutions getting in. It’s the future.”

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Even though Portnoy has a point, it’s funny that he hasn’t even begun to do the homework yet. He just trusts the main institutions’ research and due diligence and goes with it. Retail investors don’t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio. In any case, he promises that he will build on it, and eventually, “I’ll probably have a Billion dollars worth of Bitcoin.”

What Gives Bitcoin Its Value?

Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he’s too old to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: “It’s a gambling chip. It’s not a store of value.” Portnoy, who hasn’t done the homework, can’t answer in a proper fashion. We can, though.

According to Varney, Bitcoin’s price “depends entirely on how many people want to buy it and how many people want to sell it.” That’s true, like every market on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network. 

All over the world, thousands of people invested their money in ASICs that validate transactions. They buy energy and get compensated for it by a system that no one controls and has no owner. Plus, thousands of node operators keep everyone in check. Plus, millions of holders took their money out of the traditional system and betted on this emerging one. And this is just the beginning. 

Besides that, those “gambling chips” that Varney mentioned happen to have the characteristics of perfect money. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, “the characteristics of perfect money” wouldn’t be worth a damn. But, no one does. Bitcoin is for everyone.

BTCUSD price chart for 02/05/2022 - TradingView

BTC price chart for 02/05/2022 on Gemini | Source: BTC/USD on TradingView.com

What Has Portnoy Said About Bitcoin?

Mark this as this article’s comedy section. When Portnoy first liquidated all of his bitcoin investment, these were the numbers he was dealing with:

“Portnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn’t ready for the fast and volatile Bitcoin market.”

After being mocked, he doubled down on his stance and tried to get people to focus on the stock market. 

“I’m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!”

Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin

To make things funnier, when Portnoy bought Safemoon, he promised:

“I’m never buying Bitcoin. Never never, I don’t believe a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying junk behind it.”

Maybe that’s because Portnoy hasn’t even done the minimum effort to understand “the underlying junk behind it.” However, cheers to him for admitting his assessment of the situation was wrong and correcting his course.

Featured Image: screenshot from Portnoy in Varney & Co.  | Charts by TradingView

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What Happened to SafeMoon and Why Is Its Price Sinking So Fast?

by Decrypt

In brief

  • SafeMoon, a crypto token that gained popularity via social media this spring, continues falling in price despite a recent market upswing.

  • It’s down 16% in the last day and has fallen out of the top 100 coins in terms of market cap according to both CoinGecko and Nomics.

SafeMoon was one of this spring’s cryptocurrency meme sensations, as the Binance Smart Chain-based coin came out of nowhere and rapidly blasted to a market cap above $6 billion in May. As the wider market stumbled, so too did SafeMoon’s price in the weeks that followed. But while other coins are now rebounding, SafeMoon is only sinking further.

According to CoinGecko, SafeMoon’s price is down 16% today alone, currently sitting at $0.00000155 per token. It’s down more than 27% on the week, and this latest tumble has knocked the market cap down to $813 million—which means that SafeMoon is no longer one of the top 100 coins by market cap on CoinGecko’s list. It’s now ranked #109, although the rankings can vary by source. Nomics has it at #105, for example.

SafeMoon’s continued decline comes in stark contrast to the rest of the market. A quick glance at CoinGecko’s current Top 100 shows that only a handful of coins are down at all over the last seven days, with the largest drop sitting at just 1.6%. In fact, a vast majority of the coins on the list have seen double-digit percentage price hikes over the last week, including standouts like Solana up nearly 70% and Cardano up 46%. The wider market is mostly booming.

It’s not just a matter of meme coins and tokens struggling, either. Dogecoin, the leading meme coin, is up nearly 39% on the week and is currently ranked #7 overall in terms of market cap. Even Shiba Inu, an Ethereum-based rival to Dogecoin, has seen a 26% price boost this week. SafeMoon’s price keeps falling, however, and it’s now nearly 86% off its May peak.

If the downward spiral continues, then SafeMoon certainly wouldn’t be the first coin to quickly rise to prominence and then fade from relevance, as we have seen a whole host of Ethereum and Bitcoin knockoffs attempt to capture market magic over the years. Where SafeMoon varied from some of the past pump-and-dump tokens is in the way it incentivizes investors to hold on to the token long-term.

Essentially, SafeMoon users earn passive rewards simply by holding the token, with no need to actively stake holdings within the network. SafeMoon imposes a 10% tax on all transactions and then distributes a portion of that fee across all token holders as so-called “reflections.” It’s a way to gradually build up users’ holdings, although the tax for selling and using the token—along with manually “burning” or removing tokens from circulation—has raised concerns that the whole thing is a Ponzi scheme.

“The manual burns, alongside the company having a pretty large stake in the coins, just speaks to me of a manipulation risk,” London Capital Group Head of Research Jasper Lawler told Bloomberg in July. “Whenever there’s some sort of mechanism to stop selling, that’s a bit of a warning sign.”

It’s a cryptocurrency built for holding, but with the price sinking and moving against most of the momentum of the wider market, SafeMoon’s holders seem to be selling. Daily trading volume for SafeMoon fell below $10 million for multiple days last week but now tops $40 million over the last day—the highest mark since May.

The SafeMoon subreddit is awash with posts about whales dumping their holdings, based on public blockchain data, and a wave of panic-selling could be amplifying the recent price drop. Still, despite all of that, the overall sentiment on Reddit is largely positive. After all, everyone else gets a small cut of those big sale transactions, even if the value of those tokens is dwindling.

Meanwhile, the SafeMoon Twitter account—which counts nearly a million followers—tweeted “SHOUTOUT TO ALL DIAMOND HANDS” today, using a familiar crypto meme phrase to indicate holding firm and not panic-selling amidst volatility. Otherwise, most of the recent messaging concerns the impending August 28 release of an official SafeMoon wallet app, which generated some buzz when it was first launched into beta testing in June.

We’ll have to wait and see whether the meme coin can recapture some of its spring hype—and if most of the reported 2.5 million unique wallet owners holding SafeMoon maintain their “diamond hands” amidst the recent price struggles.

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Dave Portnoy Buys SafeMoon, Says He Doesn’t Know Why

by NEWSBTC

The founder of Barstool Sports, Dave Portnoy, has released a video where he picked SafeMoon as his sh*tcoin of choice. Portnoy said he purchased $40k worth of SafeMoon as a hedge against the fragility of Bitcoin.

However, popular crypto YouTuber Lark Davies continues in his calls that SafeMoon is a Ponzi scheme. A month ago, as SAFEMOON was blowing up, Davies posted a tweet in which he likened it to the most infamous scam in crypto history, Bitconnect.

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Dave Portnoy Diversifies Into Alts

Portnoy is best known as the founder of the sports and pop culture blog Barstool Sports. But he began gaining popularity for live-streaming his stock trades.

A little under a year ago, Portnoy crossed over into the world of crypto by asking the Winklevoss twins to teach him about BTC in a live stream.

In February, he exited his Bitcoin position before it pumped to $51k, missing out on the gains as a result. He responded by venting on social media, saying he will never rebuy Bitcoin.

“I’m never buying Bitcoin. Never never, I don’t believe a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying junk behind it.”

Despite that, Portnoy did buy back into Bitcoin.

More recently, he has turned his attention to alts, which is, as he claims, a response to the Elon-FUD of the past week. In a humorous video, the Barstool President narrowed down his choice of alts to six, eventually announcing SafeMoon as his pick.

“It’s time for me to choose a side, and I’ve done that. Here we go, DOGE, ASS, Litecoin, SafeMoon, SHIBA, HOGE. The new breed of sh*tcoins, and I’m going to pick one and I’m going to become the leader. I’ve already purchased $40,000 of the coin…”

Davies Warns Off Investing In SafeMoon

As “leader” of SafeMoon, Portnoy said he would not sell in the near term. Adding that he will “ride it to the stratoshpere or hell on earth.”

However, Portnoy’s research methods leave a lot to be desired. On justifying his choice, he said it could be a Ponzi scheme. But he likes the word moon.

More worryingly, he recommends getting in now, saying it’s the early buyers that walk away in profit should SafeMoon collapse.

“Why? I don’t know f*cking why, it could be a Ponzi scheme. I like the word moon because that’s where I want to go so I’m buying SafeMoon. I also like how every f*cker is selling out there, you get a 10% penalty that disperses 5%… Ponzi, Ponzi, Ponzi. It’s early, if it is a Ponzi, get in on the ground floor…”

In response to the video, Davies accuses Portnoy of promoting a Ponzi scheme.

“Paper hands Dave is now promoting the #safemoon ponzi scheme…. yeah, that is about on brand for him.”

Davies concedes that people may have made money on SafeMoon. But the situation is no different from Bitconnect. Back then, people who called out Bitconnect were attacked. But when the rug pull came, most lost out.

SafeMoon chart

SafeMoon chart


Source: SAFEMOON on CoinGecko.com

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SafeMoon Crashes Back To Reality After Cosmic Hype Storm

by NEWSBTC

Over the last weekend, SafeMoon grabbed the attention of crypto investors and enthusiasts after it gained over 99%. On April 20, the token quickly rose to its highest level settling at an exchange price of $0.000013, according to data from CoinMarketCap.

The DeFi token was founded by John Mating with the aim to circumvent bank lending and establish a peer-to-peer network. Since its launch, the token has been the talk of the crypto community as it rewards investors who buy and hold it.

It’s a cryptocurrency on the Binance Smart Chain that started out at a low market cap of around $50,000. The price and market capitalization of SafeMoon went parabolic after growing popularity on TikTok.

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In merely three weeks, the coin grew 2,200%. Before it didn’t.

A Seismic Crash

The parabolic rally quickly came to a drastic end on Thursday morning when the digital token lost a shocking amount of value. The token lost about two-thirds of its market value in just an hour, dropping from a whopping $0.000015 to $0.000005.

Related Reading | The Two Signals That Say Dogecoin Holders Are In For “Much Ow”

Pseudonymous crypto analyst, The Cryptonomist, noted the fall on Twitter:

The team behind SafeMoon appeared to acknowledge the massive plunge. The protocol’s official Twitter account wrote: “Who said there wouldn’t be turbulence,” adding that investors should continue holding. Many investors seemed to be positive in the comments, sending a propelling rocket to infer sentiment to continue to hold.

The SafeMoon price has since recovered slightly to trade at $0.00000504 per data from CoinMarketCap.

safemoon

safemoon


This definitely doesn't look safe for liftoff | Source: SAFEMOONBNB on TradingView.com

Doge Rival Or UnSafeMoon?

Traders have emphasized the massive volatility of SafeMoon despite relatively higher liquidity compared to other tokens that are not listed on major exchanges. Like DOGE, the newly launched token, which boasts a fully diluted market cap of $4.3 billion, hopes to drive its value “to the moon.”

Sweet to the ears, the SafeMoon team announced earlier that Asian exchanges were asking to list the protocol on their platforms. The team said:

“SAFEMOON is currently inundated with exchange offers, a large Asian exchange is imminently being announced… this will allow Asian communities to acquire Safemoon, the exchange has $857 MILLION 24 hour trading volume and is the 36th LARGEST in the world.”

The emphasis on SafeMoon not being able to sustain a bull rally has been echoed by many analysts.

Related Reading | MoonSafe Code Audit Shows Suspicious Anomalies, Scam Confirmed?

Luke Martin, a well known cryptocurrency trader, also described the price trend of the token as “unSAFEMOON” after it dropped 65% in a short period on April 22.

In fact many financial analysts have cautioned against buying the coin. Saying that the unsustainability of the bull rally will cause the token to fall massively on exchanges.

Laith Khalaf, a financial analyst at investment firm AJ Bell, cautioned crypto users looking to buy the newly launched token that it could be a risky bet. He noted that the push to buy is coming from speculative traders who are hoping to cash in on price surges rather than using the coin as a means of exchange.

For now, it’s unclear whether SafeMoon is really safe or it’s a pyramid scheme masking as a token. However, like all digital assets, inherent risks abound.

Featured image from Pixabay, Charts from TradingView.com

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SafeMoon Crashes 50% In 24 Hours After Its Recent Price Pump

by Btcmanager

SafeMoon grabbed the attention of crypto enthusiasts this past Sunday after it logged a 99% rise. On April 20, the token soared to its highest level yet when it traded for $0.000013, as per data from CoinMarketCap. 

SafeMoon is the latest digital asset to sweep the internet with its promise of rewarding investors who buy and hold instead of trade it. The Defi token was founded this April by CEO John Karony with the aim to circumvent bank lending and establish peer-to-peer networks. 

A Sudden Mishap

The parabolic rally came to a drastic end on Thursday morning when SafeMoon lost a shocking amount of value. The token shed two-thirds of its value in just an hour, dropping sharply from $0.000015 to $0.000005.

The team behind SafeMoon appeared to acknowledge the massive plunge. The protocol’s official Twitter account wrote: “Who said there wouldn’t be turbulence,” adding that investors should continue holding. 

The SafeMoon price has since recovered slightly to trade at $0.00000504 per data from CoinMarketCap.

A Rivalry with DogeCoin?

Before paring significant gains in the past 24 hours, SafeMoon was indeed mooning, having increased in value nearly 12-fold in the past week. The DeFi token’s explosive growth meant that early investors who bought in at launch were sitting on an astonishing 200x gain just five weeks into the project’s lifespan.

Like DOGE, the newly launched token, which boasts a fully diluted market cap of $4.3 billion, hopes to drive its value “to the moon”. Over the last three days, the recently launched SafeMoon has overtaken Dogecoin as the most searched crypto asset on CoinMarketCap.

SafeMoon launched with the slogan “Safely to the Moon,” with its developers noting on their Facebook page: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”

Since its launch, SafeMoon has benefited from a spat of attention from crypto influencers on social media. That media-fuelled surge mirrors DOGE’s price action, which rallied over 91% in 24 hours after Elon Musk mentioned it in a tweet last week.

The rate at which SafeMoon has been closing in on the US dollar since its launch has led some crypto investors to speculate that it could soon overtake DOGE. Crypto price-tracking platform DigitalCoinPrice has already forecasted SafeMoon will reach $0.00001959 in 2025.

However, SafeMoon still has a long way to go before it can rival DOGE, which has a market cap of over $37 billion and support from a vibrant community.

Is SafeMoon a Scam?

Some members of crypto Twitter are already hailing SafeMoon as “the hottest token in the world.”  

However, crypto influencers are calling out what they believe is an apparent get-rich-quick Ponzi scheme. For instance, Dutch YouTuber Quinten François took to his channel to warn the crypto community about getting in too early:

“I’m pretty convinced this is a pyramid scheme and that you will lose your money if you get in right now, because this is a scam that is growing faster than everything I have ever seen before,” he stated in a video post.

Similarly, one Redditor flagged a recent wallet that is bleeding hundreds of billions of coins constantly. He also criticized a recent AMA session held by the SafeMoon protocol developers for failing to explain anything of substance about the project.

Laith Khalaf, a financial analyst at investment firm AJ Bell, cautioned crypto users looking to buy the newly launched token that it could be a risky bet. He noted that most of the demand for SafeMoon has come from speculative traders hoping to cash in on future price surges rather than using the token as a means of exchange.

At this point, it is difficult to say if the project is a pyramid scheme with no real purpose other than to enrich early adopters. Therefore, anyone considering an investment in SafeMoon should do thorough research on the project and consider the inherent risks involved with buying digital currencies.

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Crypto YouTuber Draws Parallels Between SafeMoon and Bitconnect

by NEWSBTC

Popular crypto YouTuber Lark Davies tweeted a warning over the new Binance Smart Chain project SafeMoon. He likened its rising popularity to the now-defunct Bitconnect scam, saying the euphoria of gains is blinding users to “the obvious.”

Bitconnect arrived on the scene in 2016, promising high returns for holding, trading, lending, and mining its BCC token. But things began unraveling in January 2018 when Texas and North Carolina regulators issued a cease and desist order. Bitconnect has earned a place in history as one of cryptocurrency’s biggest scams. But, is Davies right to lump SafeMoon in with the same company?

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What is SafeMoon?

SafeMoon launched last month on March 14 with a debut price of $0.00000008. Since then, particularly over the last week or so, its price has mooned. SafeMoon is up +980% over the last seven days, hitting an all-time high of $0.00000919 yesterday.

SafeMoon price chart

SafeMoon price chart


Source: SAFEMOONUSD on CoinGecko.com

SafeMoon is an auto-generating liquidity protocol that rewards holders and penalizes sellers. It imposes a 10% penalty on sellers and redistributes 5% to existing holders, while it’s unclear who directly benefits from the other remaining 5%.

“5% fee is split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on Pancake Swap.”

The project describes itself as a “community driven, fair launched DeFi Token.” It talks about three simple functions, those being Reflection, LP Acquisition, and Burn.

Its whitepaper says “Reflection” relates to the concept of static rewards, which they say tackles the problem of falling APYs and encourages users to hold on to their tokens.

“LP Acquisition” relates to their mechanism of matching buyers and sellers, which they say creates a “solid price floor,” therefore minimizing price dips.

As the term suggests, ” Burn” relates to the burning of tokens, but in a documented and transparent way. The theory here is to reduce supply and therefore increase the value of tokens.

Some point out that the setup is similar to a Ponzi scheme. SafeMoon’s success relies upon more and more people buying in and holding – a model it encourages by penalizing sellers.

However, some have praised SafeMoon CEO John Karony for his willingness to hold AMAs and engage with the community.

Binance Smart Chain Rug Pulls

Binance Smart Chain (BSC) is gaining ground as a serious competitor to DeFi on Ethereum. The promise of cheap gas fees and quicker transactions appeals to users. But its rise in prominence has been marred by several rug pulls since its inception.

People expect rug pulls to happen on Ethereum due to its decentralized status. But because anyone can launch a token on BSC, the same problem remains.

The biggest BSC rug pull to date was MeerKat Finance, in which $14 million BUSD and 73.6k BNB, totaling approximately $30 million, went missing in early March. The project claims it lost the funds through a hack.

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