Bitcoin Forum

I just read the news. Get out while you still can!


https://www.sec.gov/news/press-release/2023-229
https://www.coindesk.com/policy/2023/11/01/sec-charges-safemoon-team-with-fraud-offering-unregistered-crypto-securities/

Hey there,  first as a member rank you shod know how important it is to make use of the search feature in the top right hand to check whether or not the topic is already being discussed or not before going ahead to create a new one,  because this topic about safemokn CEO arrest and charges is already being discussed in another thread.

You can take a lock and lick this thread there after.  
https://bitcointalk.org/index.php?topic=5472480

Safemoon has their own wallet and as I can remember their community discourages short term selling when I can see their team members selling their coins! This project went through heavy shilling in its last bull run and some people still hold on to thinking it will recover one day. This type of project shows us the dark side of this industry where the team was promoting long term profit milestones and dumping their own coin in the open market. OP is right this is the last chance to get out of this scam project if someone is still holding on.

You should check the time first. This topic was created 20 minutes before the other one.


That thread is already locked, probably by the moderators. OP doesn't need to lock this one.

This is not the idea of crypto and I am not aware of the ongoing occurrences in the Safemoon community and the insincerity of the team as regarding the sales of tokens but if the allegation is actually true then I can only say, it is appauling, to hear of one of the most successful meme project in the last bullrun become compromising in delivering their services.

If the shakedown by SEC on founders of memecoin projects with no utility is a measure to further sanitize the system then I will applaud it as a move in the right direction. Someone needs to rise up to the occassion we are currently experiencing.

Some people are so obsessed with shitcoin that they forget that it does not matter what happens to them. What benefit is this coin coming up with, it is a project that was meant to make the owners rich and not those who have invested in that project. What the SEC did was right and those who have invested heavily would understand now the consequence of investing coins that do not make any difference. These are the coins that have given a bad name to good projects like Bitcoin, Ethereum, and others. I am not in favor of such coins as they are the reason why non-crypto investors question genuine projects.

This is the big risk if you save new coins (safemoon) it is better to invest in the top 10 rankings on coinmarketcap, Safemoon perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security.
I prefer to invest in Bitcoin, Ethereum or BNB, it makes me feel safe and the risk is not too big

This is not a new thing by the way. SEC always try to devalue the crypto market. Like you can see in the case of XRP. This institution still didn't approve the Bitcoin ETF. It also have an attack on Binance and Coinbase. But they are still surviving and don't know how much time they will survive. So let's see what will happen in future. But many factors are trying to devalue the crypto but all in vain.

I don't mind the devaluation of the crypto market as a result if it means putting all the fraudsters in jail or prison. You can make an argument about the shilling and making promises to pump the token to the moon but it seems they have enough evidence to prove that the CEO and CTO took $200 million from investors and spend it on their own.

Just so you know, the project SAFEMOON was created during the first hype of meme coins, and that's somewhere around 2021 I think, but the project isn't new.
I knew it because I invested into it, and this is the first time I invested into a low market cap coin. I almost lost I think half or more than investing into it.

TBH, I really thought that this project is kind of dead already because there's no development about it that makes them more popular. Anyway, I don't really care anymore, and I wish that SEC will do the same with not only with meme coins, but with other coins as well. I just hope that no one here is holding that shitcoin for a very long time, hoping that it will go to the moon again after what happened.

Im not into safemoon shitcoin I didnt know that its founder is doxxed and identified? It seems they are caught in the fire badly. Well what can we expect if a lot of people got toast by the project while some happily spending their money cause of a pump and dump.

But seriously? The founder isnt anon? Then theres a chance that they will get really arrested for this.

Looks like a SafeJail time now. I've seen how they are active on twitter to shill their project when in fact that's all there is to it, it's just the shills and the promises and I hope they'll be happy for a jail time now that those days are already over.

As far as I know there are 3 individuals already that has been identified: https://www.justice.gov/usao-edny/pr/founders-and-executives-digital-asset-company-charged-multi-million-dollar

SEC is still hunting many people who were also a part of this coin. I have heard that if some people behind this scam projects have been jailed by SEC. Im so happy SEC is trying to take down this shit scam coin. No reason for stupid safemoon shillers to yelling their garbage tokens will be mooning.

It's the end for safemoon. Im thinking about the most difficult thing to trace other developers who were also abroad of US. This shit scam token is dead now with SEC was jailing some developers of safemoon.

Well done SEC, you were taking the right step to shot down this shit scam token from the market. Safemoon -71% this is good.

Unregistered securities offering charge was given, anyone who followed their advertisement and their telegram chat, it was just a matter of time. It was like following a weird money cult.
And sadly people don't seem to understand that they didn't get sued just because the price went down. That was going to happen anyway as things don't just moon all the way. After it becomes obvious, people start selling to get out before they lose everything.

Hopefully that fraud charge added to the top will act as a warning. Sadly there are several other scams out there operating on same principle, but sec has time only for biggest ones.
And i am assuming that no one will learn from this. Not the investors or next pump moon token creators. Everyone will think they got sued because the price dropped. But that's just a byproduct of a scam.

If the charge against the safemoon project and team is unregistered securities, I don't remember the safemoon team selling out tokens initially. I maybe wrong as I have never owned Safemoon all my life. Since I missed the ride, I just made my peace with it.


I don't like the fact that the SEC csn meddle in crypto's business whenever they want or feel like and it's only after a lot of people have suffered severely and lost money that they'd come back to get the developers. On the bright side, SEC involvement might reduce the amount of scammers taking advantage of crypto  for personal gain.

It is definitely bound to happen. I have seen these types of coins ending up to be scams. It's definitely now something of that template to watch out for. You can never know when you can get victimized like that. I hope a lot of coins are not like that with the project. It's really hard to see people losing money and for them just to get it so easily.

Be careful guys. Study the project and make sure to not miss details of a specific project.

Hope that they can’t get away from this and suffer the consequences of being too greedy.
This kind of promised investment are too risky, this is not the only project that have the same scheme, hoping that the government will continue their effort to chase those scam projects and make them pay for the damages. If you’re a victim of a scam project and you know its founder and it’s team, don’t be afraid to take legal actions.

If they forget that it does not matter what happens to them, then they should start to worry and will possibly refrain from investing on a shitcoin. You're right, shitcoin's main objective is for their owner to earn but those who are lucky to invest early and leave early, can also benefit with it. Indeed that SEC did a good job there for busting these types of projects. If they will only do these often and not question those who are top/non-meme coin projects, people are going to be happy with them.

Apart from the shitcoins, I think we should also blame those people who support them. If only not because of them, the number of shitcoins won't grow huge like this and the reputation of genuine projects are still going to be intact.

It’s a bit surprising that they waited so long to do this. The amount of money they raised and then spent on themselves is a bit shocking, but it’s not a new development. It’s like they let them run with their scheme as long as they could, doing maximum damage to investors before deciding to strike right before the statute of limitations was reached.

I am not in favor of the many things the SEC has been doing for cryptocurrency but if the charges against the people behind Safemoon can be true then they deserve to be facing litigation and maybe even some jail time plus they should returned the money their investors and holders lost because of their indifference or just plain scamming mindset. Maybe it is really time that the crypto industry make a stand in the fight against scammers and other people who are not working for the benefit of the industry...and who are just here to suck as much money as they can just like SBF of FTX.

Another suprising deal by the SEC. Considering the way US works and SEC work's I am noy surprised. Eventually this is the way how a country works when they legally accept money to promote thier objectives. In the end their idea will I promoted even if they approve or put the promoters to trial.

Aside from this advise, permit me to add my own contribution to advise OP from what he doesn't know or take serious in making a post, when bringing in any news or latest updates, try to always add your own personal thoughts to it, we want to hear your own personal interest on that same subject matter, you can't just publish a post and include the reference because you realized the consequences but couldn't give your own personal opinion regarding what you are posting, it's such a pity.

I remember that SafeMoon were heavily endorsed and shilled. Extremely shady at that point, given of how their project goals. And now here we come, they got what they deserved. Im sure a lot of similar project follow the same schemes, and I believe those who have public-facing team would be persecuted when cryptocurrency regulation became tighter and enforced.

This is also a general warning that most altcoins and tokens are simply outright scam. The developers are built nothing new and only seek for a quick profit.

The amount of money they scammed out of investors and all the other crimes they committed guarantees they will face a lot of jail time if found guilty as this is not a small scam at all and we are talking about hundreds of millions here, still it is very depressing that people still trust on the words of shady developers and give them so much power and money, I really hope that anyone that was still invested on this coin was able to get out as early as possible, because looking at the charts the drop was completely vertical and the coin lost almost all its value in less than 24 hours.

Thank you both for your comments and suggestions, but I don't think they are well thought out in this case.

First, Wiwo made the mistake of thinking that the other thread was created before mine, which was not true.

Second, your advice generally makes sense, but you may notice that the timing was crucial. Those who reacted promptly managed to safeguard a substantial portion of their assets, given that the SFM token's value plummeted over 80% within a matter of hours after the news broke. I just wanted to share breaking news with the community so they can protect themselves.