Yachty, Soulja Boy, and Logan Paul Get Hit With The SafeMoon Class Action Suit
This unusual cast of characters got hit with a monster of a class action lawsuit, which alleges that the cohort (along with Nick Carter lmao) facilitated the pump and dump scheme that sent the price of the SafeMoon Token up astronomically (pun intended). The lawsuit also alleges that the company neglected to launch a promised wallet for their cryptocurrency. Throughout the monster pumps from internet and hip hop legends, the defendants within the lawsuit slowly exited their positions.
“On December 31, 2021, the price of the SafeMoon Token hit a low of $0.0000006521 per token, an over 80% drop from its height during the Class Period, which it has not been able to recover,” says the lawsuit.
The best part about this story is that the name SafeMoon token insinuates that the token is safe, and is also going to the moon. You hate to see some helpless individuals lose money on such clearly fraudulent schemes, but there comes a point where you can only feel so bad. Although, according to the lawsuit, the SafeMoon team incessantly made remarks about “token burns” which suggested that SafeMoon tokens were being removed from circulation. This gave holders of the SafeMoon token that the “token burn” would cause the price to rise (Econ 101 baby). SafeMoon stated that on April 3rd that half of the circulating supply of tokens were “burnt” and trading volume went absolutely nuclear (reaching a peak of ~177 Million). Then the dump ensued.
Ultimately after tons of over promises and under delivers, virtually the whole SafeMoon team resigned likely to evade some type of wrongdoing/responsibility. Ultimately, the lawsuit has been brought to California’s Central District Court on February 17th. And none other than some our favorite legends are named in the suit. YOU’RE SUPPOSED TO PUSH WEBISTICS! Also I totally forgot that Dave Portnoy was a SafeMoon HODLer. I wonder if he’ll get involved in the class action.