SafeMoon embroiled in additional scandal as promoter accused of $12 million fraud

SafeMoon is caught up in additional controversy as YouTuber Stephen Findeisen, AKA Coffeezilla makes pump and dump allegations in opposition to its former chief advertising officer.

Particularly, Findeisen calls out Ben Phillips, a UK-based influencer beforehand concerned with the mission in a advertising capability.

Findeisen has carved out a distinct segment for himself in blowing the lid on scammers and fraudsters. Lots of his current investigations have tackled cryptocurrency scams, and his newest add takes goal at Phillips.

However what precisely are the allegations in opposition to Phillips?

It goes from dangerous to worse for SafeMoon

Ben Phillips is a Welsh YouTuber recognized for creating prank content material. Beforehand, Phillips had labored with SafeMoon to market the mission.

Such tie-ups are frequent apply within the crypto trade and fall below the banner of “influencer advertising.” Well-liked influencers with tens of millions of followers, like Phillips, can command larger charges.  He was paid a complete of 5.257 trillion SafeMoon for his work selling the mission.

Findeisen claims Phillips was engaged in pumping and dumping SafeMoon. Publically Phillips would inform his tens of millions of followers to carry $SAFE, whereas “unloading” tens of millions of {dollars} of tokens on the sly.

“One of many promoters of SafeMoon was dumping SafeMoon whereas clearly saying “oh, I’m holding to the moon guys.” And whereas he was tweeting these issues was unloading actually tens of millions of {dollars}…”

As he doxxed his personal BNB deal with when asking individuals to purchase him a espresso, Phillips’ actions are documented on the blockchain for all to see.

What’s extra, utilizing an archive website, Findeisen was capable of get better deleted tweets and cross-reference them to handle exercise. He discovered a sample of optimistic tweets in regards to the mission coinciding with enormous sells on PancakeSwap.

“Why would you promote half one million {dollars} of SafeMoon proper after saying, “properly I’m holding?” The reason being apparent, he wished the value to be as excessive as potential when he offered.”

Is there any getting back from this?

All in all, Findeisen and his crew of analysts calculated that Phillips had offered $16.3 million of SafeMoon tokens over an eight-month interval to December 2021. Minus his holdings, the online achieve was $12.1 million.

The value of SafeMoon has not reacted noticeably to this exposé by Findeisen.

SafeMoon initially launched in March 2021 and initially was off to a flying begin posting features within the tens of hundreds of p.c. Nonetheless, the crew launched a Model 2 on a special contract deal with in December 2021, thus abandoning the Model 1 contract solely.

Whereas the Model 2 SafeMoon loved a pump to $0.00288124 in early January 2021, it’s been trending downward ever since. The token hit a brand new all-time low of $0.00026884 on March 24.