A brand new bankruptcy within the thrilling SafeMoon saga. In the previous one, Coffeezilla presented the tale, defined how the token purposes, and took us during the first a part of the alleged rug pull. This time, we move instantly to the challenge’s operators slowly extracting liquidity in quite a lot of bureaucracy. After which, we get to Venture Pheonix. And no, that’s now not a typo. Within the period in-between, the Web’s detective explains why SafeMoon used to be by no means going to fly.
For this a part of the investigation, the very first thing Coffeezilla did used to be to have a look at the blockchain and establish all of SafeMoon’s wallets. “I discovered that Kyle had already been rug pulling SafeMoon because it began, simply extra slowly than the Bee token guys.” As a reminder, SafeMoon is in accordance with Bee token’s style and tokenomics. And, like their predecessors, the SafeMoon staff used to be allegedly doing away with liquidity.
“On March 5th this displays up at the blockchain because the serve as “take away liquidity.” Which, after all, they stated it used to be unimaginable. And the primary time they took from the cookie jar, it wasn’t for far, best $14000 used to be taken. But it surely added up through the years. And I labored with a blockchain researcher to determine simply how a lot Kyle took”.
The outcome: 164T SafeMoon tokens. That’s trillions with a “T.” Within the length when this took place, mid-September to mid-December, the ones tokens have been value $10.3M. As a reminder, Kyle used to be the challenge’s writer. From this level on, he’s taking a backseat to the opposite characters on this saga.
SafeMoon’s Satoshi Nakamoto
Coffeezila begins with hyperbole whilst describing Thomas Smith AKA “Papa,” the challenge’s lead developer, “the SafeMoon folks idea Papa used to be the reincarnation of Satoshi Nakamoto, and that he used to be gonna usher SafeMoon right into a golden age of prosperity.” And continues with grave accusations, “Actually, Papa simply stole more cash.” How did he do it, even though? With a somewhat extra elaborate scheme than Kyle.
In case you don’t keep in mind how the token works, move to the previous chapter and skim the outline. If that’s now not an issue, know that Papa proposed migrating from SafeMoon V1 to a V2. And allegedly used that tale to slowly rug pull the folk:
“What used to be meant to occur in migration is that he would transfer the BNB/ SafeMoon pair from v1 to v2 (…) As a substitute, Papa did one thing other. He took the BNB pair from v1 however stored the SafeMoon, and he best put the BNB into the v2 pool with a purchase order of SafeMoon. Which means, Papa were given extra SafeMoon from the v2 contract as smartly.
Now, at the floor, this looked as if it would reason the cost to spike as a result of an enormous acquire order used to be simply made, however in fact, Papa used to be conserving gigantic quantities of SafeMoon that he may just later promote for a private benefit and the price of SafeMoon, total, used to be falling.”
So, SafeMoon used to be fiat inflation with additional steps. As soon as once more, Coffeezilla became to his researchers to determine precisely how much cash did Papa and buddies make.
“Right here what we discovered (…) Thomas withdrew liquidity 18 other occasions. He in fact held directly to 143 million greenbacks value of liquidity. The sum of outgoing SafeMoon transactions used to be a few hundred million greenbacks. Of that hundred million, fifty-eight level 9 million greenbacks went to Bitmart, and eight.1 million greenbacks went to different undisclosed wallets.”
SFM value chart on GATEIO| Supply: SFM/USDT on TradingView.com
“Issues are about to get a lot worse,” Coffeezilla warns sooner than giving the mic to Bootsy, an unbiased researcher. It appears, the corporate’s CEO “John (Karony) began speaking about Venture Phoenix. Which he then modified to “Pheonix,” as a result of he spelled it fallacious after which refused to confess he made a spelling error.” That claims the whole lot we want to learn about John Karony. And one thing’s up with this “Pheonix,” as a result of “the remainder of the staff doesn’t speak about it in any respect.”
In a video, John Karony tries to give an explanation for Venture Pheonix and provides the interviewer the worst phrase salad ever uttered. In line with Bootsy, the challenge “began out as banking the unbanked in Africa,” and about “the way it used to be going to be applied as a forex in Gambia.” Then, it modified and “was about windmills, and blank power.” About burning tokens with the ones windmills, or about nanotechnology. “It is unnecessary,” Bootsy closes with.
Finally, SafeMoon settled for windmills and effort, however no person understood what did that needed to do with anything. After which, somebody came upon that the design for the windmills used to be stolen from any other corporate. “The truth that SafeMoon didn’t construct the era of their tech demo turns out like just a little of a topic,” Coffeezilla says.
Then, Coffeezilla brings any other one of the crucial challenge’s screw ups. “SafeMoon introduced their very own crypto pockets which used to be meant to exchange the preferred Accept as true with Pockets app.” The object is, the app is a clone of the Accept as true with Pockets app with SafeMoon’s design, colours, and emblem. “That is proper consistent with SafeMoon’s industry practices from the very starting,” Coffeezilla kills them with. Simply in time for this 2nd bankruptcy to finish.
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