Wednesday, November 13

SafeMoon drops almost 100% in the middle of scams claims

Reporter

  • Magnates of SafeMoon have actually been charged with scams.
  • The token has actually fallen by practically 100% in less than a week.

There’s still continuous conversation surrounding SafeMoon [SFM] and the different problems it seems dealing with. In the middle of all this, the token seems the most badly impacted.

Check out SafeMoon’s [SFM] Rate Prediction 2023-24

SEC charges SafeMoon and executives

On 1 November, the Securities and Exchange Commission (SEC) made a statement, exposing that it had actually submitted charges of scams versus SafeMoon and its magnates.

The SEC’s accusations consist of tricking the general public by incorrectly declaring that funds were locked throughout the token’s launch. They likewise implicated the executives of taking part in wash trading to produce a misconception of trading activity.

The executives were charged with misusing funds and investing them extravagantly.

As an outcome of the discovery that the funds were not locked, the token’s market capitalization dropped from over $5.7 billion. The main job account acknowledged these current advancements in a post.

How SAFE is the MOON?

If there were any wish for SafeMoon to make a healing, the current advancements might possibly mark the last blow. AMBCrypto’s analysis of the day-to-day timeframe chart revealed that the token had actually been on a favorable rate run.

This upward momentum came to an abrupt stop on 1 November.

On that day, the chart showed a substantial drop of 53.71% in the token’s worth. Subsequent days didn’t bring any relief, with decreases of 28.98% and 21.03% on the list below days.

Source: TradingView

At the time of composing, SFM was still on a down trajectory, experiencing a loss of over 2% in worth. In addition, the relentless selling pressure has actually pressed the Relative Strength Index (RSI) listed below 25.

This signified that the token remained in the oversold zone and suggested a strong bearish pattern.

Just how much are 1,10,100 SFMs worth today?

Hackers continue to keep funds

SafeMoon had actually at first experienced a make use of in March, leading to a substantial bottom line of $8.9 million. The make use of included the transfer of 32 billion SFM tokens from SafeMoon’s liquidity swimming pool address to SafeMoon’s deployer address.

This caused an instant rise in the token’s worth, and the exploiter profited from this cost boost. This was done by switching a part of the SFM tokens for Binance Coin [BNB] at an inflated cost.

Eventually, 27,380 BNB were moved to the hacker’s address. Since press time, these funds have actually not been effectively recuperated.

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