SafeMoon is, perhaps, unsafe at this time, with recent developments increasing the selling pressure with no positive outlook in sight.
SafeMoon’s future hangs in the balance as the SEC charges the token and its executives with fraud. Hacker-held funds also remain elusive, casting a shadow on hopes of a recovery.and the various issues it appears to be facing. Amidst all this, the token appears to be the most severely affected.The SEC’s allegations include deceiving the public by falsely claiming that funds were locked during the token’s launch.
Furthermore, the executives were charged with misappropriating funds and spending them extravagantly. As a result of the revelation that the funds were not locked, the token’s market capitalization plummeted from over $5.7 billion. The official project accountto make a recovery, the recent developments could potentially mark the final blow. AMBCrypto’s analysis of the daily timeframe chart showed that the token had been on a positive price run.On that day, the chart reflected a significant drop of 53.71% in the token’s value. Subsequent days didn’t bring any relief, with declines of 28.
This led to an immediate surge in the token’s value, and the exploiter capitalized on this price increase. This was done by swapping a portion of the SFM tokens for Ultimately, 27,380 BNB were transferred to the hacker’s address. As of press time, these funds have not been successfully recovered.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTSE 100 falls on energy drag, but logs weekly gainsMarket News
Read more »
Burger King plans on making all locations 100% digital: RBI CEOBurger King lovers will soon be able to order, purchase and receive a Whopper without interacting with another human.
Read more »
Pinnacle One Yonge Tower Could Be Canada’s First Building Over 100 StoreysZakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
Read more »
Saint John Trojan Rugby Club celebrates 100 years on the fieldThe Saint John Trojan Rugby Club is celebrating 100 years as a sports team and both current and former players say the team values family and community.
Read more »
UK says over 100 Britons have left Gaza, hopeful of getting more outExplore stories from Atlantic Canada.
Read more »
THEY SAID IT: Is Oilers captain Connor McDavid 100 per cent healthy?Explore stories from Atlantic Canada.
Read more »