SafeMoon drops nearly 100% amidst fraud allegations
- Prime executives of SafeMoon have been charged with fraud.
- The token has fallen by nearly 100% in lower than per week.
There’s nonetheless ongoing dialogue surrounding SafeMoon [SFM] and the varied points it seems to be dealing with. Amidst all this, the token seems to be essentially the most severely affected.
Learn SafeMoon’s [SFM] Value Prediction 2023-24
SEC prices SafeMoon and executives
On 1 November, the Securities and Alternate Fee (SEC) made an announcement, revealing that it had filed prices of fraud towards SafeMoon and its prime executives.
The SEC’s allegations embody deceiving the general public by falsely claiming that funds have been locked in the course of the token’s launch. Additionally they accused the executives of partaking in wash buying and selling to create a misunderstanding of buying and selling exercise.
Moreover, the executives have been charged with misappropriating funds and spending them extravagantly.
On account of the revelation that the funds weren’t locked, the token’s market capitalization plummeted from over $5.7 billion. The official challenge account acknowledged these latest developments in a submit.
How SAFE is the MOON?
If there have been any hopes for SafeMoon to make a restoration, the latest developments might probably mark the ultimate blow. AMBCrypto’s evaluation of the every day timeframe chart confirmed that the token had been on a constructive worth run.
Nevertheless, this upward momentum got here to an abrupt halt on 1 November.
On that day, the chart mirrored a big drop of 53.71% within the token’s worth. Subsequent days didn’t carry any aid, with declines of 28.98% and 21.03% on the next days.
Supply: TradingView
Additionally, on the time of writing, SFM was nonetheless on a downward trajectory, experiencing a lack of over 2% in worth. Moreover, the persistent promoting stress has pushed the Relative Power Index (RSI) beneath 25.
This signaled that the token was within the oversold zone and indicated a robust bearish development.
How a lot are 1,10,100 SFMs price in the present day?
Hackers proceed to carry onto funds
SafeMoon had initially skilled an exploit in March, leading to a big web lack of $8.9 million. The exploit concerned the switch of 32 billion SFM tokens from SafeMoon’s liquidity pool handle to SafeMoon’s deployer handle.
This led to a right away surge within the token’s worth, and the exploiter capitalized on this worth enhance. This was performed by swapping a portion of the SFM tokens for Binance Coin [BNB] at an inflated worth.
Finally, 27,380 BNB have been transferred to the hacker’s handle. As of press time, these funds haven’t been efficiently recovered.
