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Safemoon Product Launch Hits a Snag, Project Bombarded by Accusations, Community Deflects Criticism

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Safemoon Product Launch Hits a Snag, Project Bombarded by Accusations, Community Deflects Criticism

Safemoon Product Launch Hits a Snag, Project Bombarded by Accusations, Community Deflects Criticism

A cryptocurrency project called Safemoon has been trending in forums and social media in recent times, as the crypto asset team promised a few new products, but the team claims that the launch has seen difficulties. This weekend, a post published to the subreddit forum r/cryptocurrency claims “Safemoon has been exploited from day 1 and $68,460,000 have been siphoned out of the liquidity pool.”

Editor’s note: This article has been updated to include the official audit from Doxxlocker.

Safemoon Project Runs Into ‘Unforeseen Technical Issues’ Launching Products, Skeptics Surround Project

The project Safemoon has been a controversial cryptocurrency project for quite some time now. It has been called a Ponzi scheme and there are plenty of Safemoon reviews, accusations, and people attempting to find out whether or not the project is legit.

Remember just because you make money off of a ponzi does not change the fact that it is a ponzi. #safemoon

— Lark Davis (@TheCryptoLark) April 21, 2021

On August 29, 2021, the hashtag trend “#safemoonwallet” has seen a great number of tweets on Sunday. This is because the project was supposed to drop three different products, which include an iOS and Android compatible safemoon (SAFEMOON) wallet. However, the official Safemoon Twitter page says the project hit a few problems launching these new products.

“Thank you for bearing with us,” the account’s message notes. “We’ve experienced unforeseen technical issues launching all 3 products at the same time,” the tweet says.

When those buttons are clicked, the code that fires has never done anything other than reload the page. Ever. The moment they added the buttons, they were set ‘disabled’ and non-clickable, then they made it clickable, but only fires a reload. pic.twitter.com/EvDv0RFbLK

— Ryan Dunn (@Not_Ryan_Dunn) August 28, 2021

The tweet has more than 12,800 likes and over 3,000 retweets at the time of writing. Safemoon has a very active social media ‘army’ and it matches other active social media armies from crypto coins like DOGE, XRP, and the LINK marines. But there are a number of people that have warned the project may not be legitimate. Despite this, hardcore community members believe there is nothing to worry about and they are telling others to “be patient.”

@safemoon is definitely not a scam. #SAFEMOONWALLET was highly anticipated and #SAFEMOONARMY overloaded the servers. Be patient. Greatness is coming soon! 🚀🚀🚀

— Au. In. (@Slice_71) August 29, 2021

Reddit Post Alleges Safemoon Is ‘Exploited,’ Safemoon Community Insists Accusations Are ‘FUD’

At the time of writing, safemoon (SAFEMOON) is exchanging hands for $0.00000266 per unit and the coin is a Binance Smart Chain token. The market is volatile at times, in comparison to most coins, and in addition to the troubles with the wallet launch, Safemoon has been accused of being “exploited.”

On August 28, 2021, a post submitted to the Reddit forum r/cryptocurrency by the user u/tngsystems, accuses Safemoon of being “exploited from day 1” and it has allegedly siphoned $68.4 million. At press time, this specific Reddit post has more than 2,000 upvotes, and over 900 comments. The claims are disputed and a great number of Safemoon community members deny the allegations entirely.

There are those who believe the person who wrote the thread and his commentary, while many from the Safemoon community defended the project. A number of people called the accusations “baseless,” “public information,” and the forum poster’s first comment has been pushed down.

“Yesterday, on the 27th August, the team at Doxxlocker released their audit on Safemoon,” the Redditor u/tngsystems said. “According to Doxxlocker, they are commissioned to perform on-chain analysis to find discrepancies or evidence of wrongdoing on BSC tokens. An analysis of the protocol deployer (V1 Liquidity Pool [LP]) and the contract owner’s wallet (interacts with the V2 LP) has found that generated liquidity from the contract (5% tax on transactions) has not been fully returned to the liquidity pool.” The Redditor further added:

A total of 28.96 trillion Safemoon tokens have been sent to wallets that are not recognized by the Safemoon team. At the market price of this report, this is $68.46 million USD worth of SFM tokens removed from liquidity. In addition, these wallets still hold 20.22 trillion Safemoon tokens at the time of this report (worth $47.79 million USD).

However, the Doxxlocker audit has been accused of shilling another token called “hyperdeflate (HDFL),” and the Safemoon community has criticized the audit a great deal. “It’s been posted here (r/safemoon) like 30 times since yesterday,” said one individual. “I would give it little merit due to the timing and the fact that the people spreading it posted their token into the reports. I directly asked them about the reasoning of that yesterday and they would not answer. They instead deflected.”

The auditor’s website does indeed show a token called hyperdeflate (HDFL) and no other tokens are present at the time of writing. The official Doxxlocker report, that’s discussed in u/tngsystems’ r/cryptocurrency thread, can be read in its entirety here.

What do you think about the controversy that surrounds the Safemoon project and the recent post on the Reddit forum r/cryptocurrency? Do you think there is validity to the accusations or no? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

Bitcoin (BTC) and Ethereum (ETH) have broken out from descending parallel channels.

XRP (XRP) is trading above the $1.05 horizontal support area.

Horizen (ZEN) is trying to break out above the $108 resistance area.

Synthetix (SNX) has broken out from an ascending triangle.

Waves (WAVES) has moved above the $26.80 resistance area.

Travala.com (AVA) has broken out from a descending resistance line.

BTC

BTC has been moving upwards since Sept 14. On Sept 15, it managed to break out from a descending parallel channel and accelerated. 

The upward move is supported by both the RSI and MACD, which are increasing. The former has even crossed above 50. 

BTC is approaching the 0.618 Fib retracement resistance level at $49,050. However, due to a confluence of Fib levels, it’s possible that it could increase all the way to $50,750.

ETH

On Sept 15, ETH broke out from a descending parallel channel that had been in place since Sept 7. It has been increasing at an accelerated rate since. 

The upward move is supported by both the increasing MACD and RSI readings. 

However, ETH has reached a confluence of Fib resistance levels between $3,625 and $3,635. These levels are the 1:1.61 length of waves A:C and the 0.618 Fib retracement resistance level (white).

XRP

On Aug 13, XRP broke out from the $1.05 horizontal resistance area. It proceeded to reach a high of $1.41 on Sept 6 before dropping sharply the next day. 

Following this, it validated the $1.05 area as support. 

However, even though XRP is trading above the $1.05 support area, indicators are bearish. The MACD and RSI are both decreasing.

ZEN

ZEN has been increasing above an ascending support line since July 16. On Sept 6, it was rejected by the $108 horizontal resistance area and returned to validate the support line once again. 

However, ZEN rebounded and made another breakout attempt on Sept 15. 

Despite the strong bounce, ZEN failed to break out. In addition, both the RSI and MACD have created bearish divergences. 

Therefore, at the current time, we cannot determine if ZEN will be able to move above this resistance.

SNX

SNX began trading inside an ascending triangle on May 21. After several unsuccessful attempts, it managed to break out on Sept 15. 

The breakout is supported by the increasing MACD and RSI values. 

The closest resistance area is found at $23.80.

WAVES

WAVES has been increasing above an ascending support line since July 20. 

On Aug 31, it broke out above the $26.80 resistance area. 

After this, it returned to validate the area as support, also touching the ascending support and Supertrend lines (green icon). It has been moving upwards since. 

The closest resistance area is at the all-time high level near $38. 

AVA

On Aug 14, AVA broke out from a descending resistance line that had been in place since April and reached a high of $5.40 on Sept 6. 

However, it was rejected by the $5.40 resistance area and fell. 

It then found support at $3.50, creating two lower wicks. In addition to this, the RSI has generated a hidden bullish divergence, which is a common sign of trend continuation.

Therefore, AVA could be on its way to revisit the $5.40 resistance area.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

AMC Theatres will accept payments in Ethereum, Litecoin, and Bitcoin Cash by the end of 2021, in addition to bitcoin.

AMC Theatres, the world’s largest theater chain, has announced that it will accept more cryptocurrencies for payment by the end of 2021. The cryptocurrencies that it will support include bitcoin, ethereum, litecoin, and bitcoin cash. This marks yet another notable adoption for the cryptocurrency market, which has had a stellar 2021.

AMC expands crypto payment options

The company’s CEO, Adam Aron, tweeted the news on Sept 16, saying that crypto could be used to pay for online ticket and concession payments by the year’s end. AMC revealed that it would accept bitcoin in August 2021, to much fanfare.

This year has already seen Tesla accept bitcoin as payments for its electric vehicles, though it suspended that later. PayPal has also expanded into cryptocurrencies and is ramping up its support for the market.

The news of AMC Theatres accepting cryptocurrency payments will please investors, as the chain is a notable brand with some clout. The firm has also come to the attention of the public lately for its support from within Reddit’s wallstreetbets community. While the support was not quite as strong as it was for GameStop, those retail investors have helped drive the price of AMC’s stock up.

In short, the acceptance of crypto payments should stir further interest from a community that is already knowledgeable about crypto. Incidentally, GameStop also announced a foray into the blockchain and crypto space when it announced that it was working on a series of NFTs.

Bitcoin and crypto steadily seeing greater adoption

The crypto world has been subject to a lot of good news in terms of adoption this year. The support coming for crypto payments has been varied, with entities in a highly varied set of industries taking the step. The signs have been very optimistic at the retail level.

The travel industry can benefit a great deal from bitcoin payments — and a luxury hotel in Switzerland has gone to facilitate that. Switzerland, which is known for its hub of crypto companies and entrepreneurs, has over 85,000 merchants supporting crypto payments.

Other established companies supporting crypto payments include auction house Lloyd’s. Auction houses have been very interested in blockchain technology, particularly NFTs. Many of them have conducted auctions for NFTs, selling them for many millions.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

El Salvador’s Chivo bitcoin wallet has already crossed 500,000 users, as revealed by local news reports.

El Salvador’s digital bitcoin wallet Chivo has already hit half a million users, according to reports from local media. The country introduced the wallet on Sept 7.

Users receive $30 in bitcoin when they download the wallet for the first time as an incentive. As of Sept 7, the country had purchased 400 bitcoins for its coffers — which by all accounts is ambivalent in terms of its success.

El Salvador’s bitcoin integration is off to a somewhat rocky start, as there have been several protests against its adoption. Protests have come from both opposition forces and citizens — with the latter marching in the streets and even filing a lawsuit.

The country has used a number of measures to incentivize people to use bitcoin. Foreigners, for example, are exempt from paying capital gains tax on their bitcoin profits. In addition, they receive permanent residency if they decide to move and have an entrepreneurial venture.

https://s32659.pcdn.co/wp-content/uploads/2021/09/El-Salvador.mp4
Source: /u/kiarga

Some El Salvadorians have taken to Reddit to talk about the general sentiment surrounding bitcoin. The country celebrated its Independence Day on Sep. 15, and many protested against the current government in the streets. News broke that vandals destroyed bitcoin ATMs in the country, which is further evidence of displeasure with the new law.

One Redditor spoke about bitcoin further cementing existing inequalities — a concern that was one of the major issues citizens have with the government. They also note that the bitcoins in the Chivo wallet could be seized by the government.

One thing that cannot be denied is the fact that BTC payments do indeed reduce costs for cross-border payments. Other countries in the region are keeping a close eye on the development, which is the first of its kind.

Will more countries follow?

It’s unlikely that a large swathe of countries will follow El Salvador’s lead. Most governments are determined to release their own central bank digital currency (CBDC). Those that have accepted cryptocurrencies as an asset class have done so begrudgingly and are laboring to form a regulatory framework.

The idea of making bitcoin legal tender has been rebutted by China, India, and Russia. With important economies dismissing the asset as having such an important role in the economy, most other countries will likely take the same position.

Having said that, the El Salvador bitcoin experiment could turn up some surprising results. If bitcoin does indeed become the medium for cross-border transactions, then this could encourage more countries to do the same.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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