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Home Altcoin

Former Safemoon Advertising and marketing Chief Accused Of Operating $12 Million Crypto Rip-off

by Crypto News Bay
April 15, 2022
in Altcoin
Reading Time: 2 mins read
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Because the bitcoin market matures and digital property generate curiosity, widespread pump and dump ways proliferate. One instance is Safemoon.

In such schemes, well-known people make the most of their prominence to advertise a cryptocurrency and so enhance its value, whereas concurrently planning an enormous sell-off of their remaining provide of the coin on the “inflated” value.

Ben Phillips, a former Safemoon influencer, has been charged with orchestrating a $12 million pump and dump fraud. He’s accused of selling Safemoon via his affect whereas concurrently promoting thousands and thousands of tokens.

Associated Article | Belarus-Primarily based Crypto Alternate Stops Operations For Russians Over Invasion Of Ukraine

SafeMoon has been embroiled in further controversy as YouTuber Stephen Findeisen, a.okay.a. “Coffeezilla,” makes the costs in opposition to Phillips, the corporate’s former chief advertising officer.

Making Thousands and thousands Of Bucks On Safemoon

Ben Phillips, a UK-based influencer finest identified for his prank movies, has over 4 million YouTube subscribers and, like many different influencers, has been deeply immersed within the worlds of cryptocurrencies and NFTs.

Phillips has regularly shared and spoken about Safemoon — an altcoin undertaking on the Binance Sensible Chain (BSC) — however this may very well be the supply of all of the issues.

Phillips was continuously promoting his Safemoon for thousands and thousands of {dollars}, in keeping with Coffeezilla’s probe, after pumping it via his social media networks and watching the value climb.

BTC whole market cap at $761.15 billion on the day by day chart | Supply: TradingView.com

Blowing His Cowl

Phillips printed his pockets info with supporters in a Tweet on April 12 final yr, asking that they pay for his Starbucks. This allowed web sleuth Coffeezilla to analyze a tip he’d obtained as half of a bigger inquiry into the notorious fraudulent funding sport token SafeMoon.

Moreover, the YouTuber included photos of all tweets through which Phillips made related remarks, organized chronologically, in addition to particular details about his dumps and even essential BscScan URLs that monitor his transactions.

Phillips bought SafeMoon on PancakeSwap for $4 million in March and bought it for $16 million in December, in keeping with CoffeeZilla’s calculations – netting him a good-looking $12 million revenue.

Not So Protected

SafeMoon launched in March 2021 and instantly gained tens of hundreds of %. Nonetheless, in December 2021, the group launched a Model 2 contract at a unique contract handle, thereby terminating the Model 1 contract.

In the meantime, Phillips has eliminated nearly all of his posts and his Twitter deal with now seems to be as new as a daisy. He has typically used harsh language in his tweets, together with one in July final yr through which he wished a Safemoon whale would “be hit by a bus.”

Associated Article | U.S. Hyperlinks North Korean Hacker Lazarus To $622 Million Axie Infinity Exploit

Featured picture from Watcher Guru, chart from TradingView.com



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