Internet detective Coffeezilla will face the most incredible foes. SafeMoon’s story is so ludicrous that it ignores all logic. His “$1 Billion Scam DiscoveredIn the video, Coffeezilla and a group of researchers do their best to figure out exactly what happened in this bizarre incident. Is SafeMoon a rug pull or a misleading project? Let’s check the evidence collected by the detective.
I’m not proud Bitcoinist feared all of this. from the beginning. As soon as you hear SafeMoon CEO Jonh Karoni in the video above, you can see that everyone involved is in trouble. He describes the project as “building a future, building a secure future, and making it a reality now is more important.” What did he say there? it’s nothing. And according to Coffeezilla, this is SafeMoon.
Coffeezilla takes us to the start of SafeMoon.
Regarding SafeMoon’s creator, Coffeezilla said, “It turns out that he was a believer in Q. His name is Kyle and little is known about him except that he distrusts the government and believes they are a criminal gang.” And the story of SafeMoon’s origins tells Kyle’s decision starts with . “He decided that getting into cryptocurrency was the perfect way to start redistributing some of that wealth back to himself.”
After a few failed projects, “I discovered that Kyle is a Bee token” and decided to copy it. “When Kayle invested in the Bee token, he liked that the token had special properties. All transactions are subject to a 5% tax and are divided into two parts. 3% was added back to the liquidity pool and 2% was distributed to all Bee holders to encourage people not to sell. You just made some money and Kyle really likes the idea.”
After that, it was time for a fork. “He copied the code and ran it himself, but there were a few changes. He increased the tax to 10% and changed his name to a much more prominent name. He called it SafeMoon.” This is where the real story begins. But are we talking about villains or heroes?
SFM price chart on GateIO | Source: SFM/USDT on TradingView.com
How SafeMoon Became a Billion Dollar Company
People couldn’t refuse “the promise of safe and easy money.” So SafeMoon was a hit like everyone else. According to former SafeMoon moderator Ginger, “Kyle said he had no idea SafeMoon would explode like that.” According to Coffeezilla, Kyle “was expected to leave.” What seemed like an infinite success changed the plan a bit.
“Kyle has hired a lot of people who are almost as unqualified as herself. There’s a guy named Thomas Smith who became the lead developer. (…) After “Papa”, a man named John Karony was appointed CEO of SafeMoon, and he turned out to be everyone in the group project. It ends in hate.”
SafeMoon tokens sold like hotcakes and in 2021 “popularity exploded. They had billboards across the country. The biggest influencers talked about them.” To answer this question, Coffeezila must determine how the SafeMoon protocol works.The first is to define what a liquidity pool is.
“Every pool has two different currencies by default, and the point is to give buyers and sellers a way to trade without a generic market maker like Wall Street. How it works in a liquidity pool is that the ratio of two assets determines the price.”
That’s currently standard procedure for DeFi. “The core innovation of SafeMoon was the idea that every time someone trades, they take 5% of that in tax, put it into a pool of liquidity, and lock that money so that the SafeMoon company can’t touch it. That way, as an investor, you can always trade SafeMoon at a fair price.” As you might suspect, none of that happened.
The project’s leaders argued that it was impossible to pull the rug from SafeMoon because the liquidity tax was tied up. However, it turned out that the project the creators copied was a known scam. “The ability of the Bee token to rug pull means that SafeMoon’s funds are also unlocked and not really secure.” Sadly for everyone involved, Coffeezilla seems to be right.
Find out exactly why in the next episode of the SafeMoon saga. It will be a wild ride.
Featured image: Coffeezilla screenshot from the video | Charts by TradingView